SHANGHAI (Reuters) – China's BYD on Tuesday launched the latest version of hybrid technology that improves fuel economy and cost, increasing competition with the likes of Toyota (NYSE:) and Volkswagen (ETR:) which still mainly sells gasoline cars.
BYD Chairman Wang Quanfu unveiled the fifth-generation hybrid technology that achieves record-low fuel consumption of 2.9 liters per 100 kilometers (62.1 miles) on depleted batteries at an event in Xi'an, the capital of Shaanxi province.
With a fully charged battery and a full tank of gasoline, this technology can ensure a driving range of up to 2,100 kilometers, Wang said in the city where the company's first auto factory is located.
BYD also launched sedan versions of the Qin L and Seal 06, both equipped with the new technology and priced from 99,800 yuan ($13,775).
The company said customers using the new technology can save up to 9,682 yuan a year in fuel costs compared with those who drive gasoline models.
BYD's latest generation of plug-in hybrid technology – which offers a driving range of tens of kilometers on batteries and fuel consumption of 3.8 liters per 100 km on the petrol engine alone – has fueled its rapid growth since 2021 with models such as the Qin as well as the DM-i sedan and Song Plus DM-i SUV.
Hybrid cars, whose price starts at 79,800 yuan, made up the bulk of BYD's sales in the past three years, as the company sold 3.6 million cars of this type.
The Chinese company cut prices for its hybrid cars by 10% to 22% in the first quarter, with Qin and Song outselling gasoline models such as Lavida and Sagitar in the mass market with lower prices and lower fuel consumption, attracting cost-sensitive Chinese. Buyers.
Globally, BYD, which is accelerating its international expansion, still trails multi-brand automakers including Toyota, Volkswagen, General Motors (NYSE:) and Stellantis (NYSE:) in sales.
BYD, along with other Chinese electric vehicle makers, poses a greater challenge to Japanese automakers in overseas markets such as Southeast Asia, Australia and the Middle East, where governments impose fewer trade barriers and tariffs.
Toyota also on Tuesday showed off next-generation engines that it said would be compatible with alternative fuel sources such as e-fuel and biofuel to reduce carbon emissions and revamp vehicle design by allowing a lower hood.
Unlike the hybrid technology that Toyota pioneered with the Prius in 1997, the hybrids driven by Chinese automakers use larger battery packs and can drive much longer on electricity.
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