BYD launches a new electric SUV, the L, in direct competition with the Tesla Model Y. According to experts, BYD could soon surpass Tesla as the global leader in electric car sales.
In April 2023, the brand-new Song L was first introduced at the Shanghai Auto Show. Since mid-December 2023, the electric SUV is now officially available in China and is enjoying great popularity, according to the news portal electrik.co. Within just three days, over 8,000 orders have already been placed, and nearly 30,000 pre-orders have been recorded. The Song L is available in five trim levels and costs between 189,800 and 249,800 yuan (26,700-35,100 US dollars). The vehicle is based on BYD's own electronic 3.0 platform, which is also used for other models such as the Seal and Dolphin. It features all-wheel drive and a range of 550 to 662 kilometers.
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The song L can also impress visually: with its distinctive "hunting dragon face" and narrow LED headlights, as well as a shock-resistant bumper with a trapezoidal air intake, it is a real eye-catcher. The electric SUV is available in five colors and, with its entry price, offers an attractive alternative to the Tesla Model Y for buyers who are looking for affordable electric cars in China.
China is the world's largest market for vehicles, and in 2022, according to Statista, 23.56 million cars were sold in China alone. Compared to the Tesla Model Y, the BYD Song L, according to Motorwatt.com, is 90 mm longer, 29 mm wider, and has a 40 mm longer wheelbase. Additionally, it is 64 mm lower than its American counterpart.
Uncertain if the Song L will be available in Europe; dependent on developments in political relations between the EU and China, particularly related to electric mobility. The lower prices of Chinese electric cars compared to European and American manufacturers may not solely be attributed to Chinese cost efficiency. As the European economy, especially the German economy, heavily relies on the automotive industry, ensuring fair and transparent pricing from Chinese manufacturers has long been a focus on the EU's political agenda.
In October 2023, EU Commission President Ursula von der Leyen announced in her State of the Union address an official anti-subsidy investigation by the European Commission to examine possible illegal subsidies to Chinese manufacturers by the Chinese government. If confirmed, imported Chinese electric vehicles may be subject to anti-subsidy tariffs.
According to data from "Global Passenger Electric Vehicle Market Share" by the analysis platform Counterpoint Research, BYD has caught up with Tesla in the global market share of electric vehicles sold in the third quarter of 2023 and is now tied with Tesla at 17 percent. In comparison, Tesla's share was still at 22 percent in the first quarter of 2023, while BYD's share was at 14 percent.
In the third quarter of 2023, BYD was able to sell almost the same number of electric vehicles, including plug-in hybrids, as Tesla. The Chinese company recorded strong growth of 66 percent compared to the same period last year and is expected to soon surpass Tesla as the market leader. According to Teslamag, BYD is expected to take over the position as the leading seller of pure electric cars in the second quarter of 2024.
