BYD, the world's top electric vehicle maker, has launched a new premium SUV named the Sea Lion 07.
This positions it to compete directly with Tesla's popular Model Y in China's lucrative luxury EV market.
While BYD dominates affordable models, the slick new Sea Lion takes aim at Tesla's affluent customer base.
With sporty design and an expected price tag from US$27,879 to US$36,637, it undercuts the Model Y by over US$4,000.
BYD enjoys significant cost advantages, including 15% cheaper manufacturing than Tesla's Shanghai Gigafactory according to one estimate.
This gives it room to undercut rivals on price while still turning a profit.
Besides BYD, three leading local startups - Li Auto, Xpeng and Nio - are rolling out advanced EVs to chip away at Tesla's market lead.
Teckwai Saw
