BYD challenges Tesla with more affordable Atto 2 SUV targeting first-time EV buyers
BYD is targeting first-time buyers in Hong Kong with the launch of a competitively priced car model, building on its recent ascension as the local market leader, overtaking Tesla.
On Friday, the Shenzhen-based carmaker introduced the Atto 2, a fully electric right-hand-drive compact SUV priced at HK$169,800 (US$21,630) after tax in Hong Kong.
Equipped with BYD's proprietary blade battery packs, the Atto 2 has a range of up to 410km (254 miles) on a single charge – more than adequate for daily commutes in the city. Recharging the battery from 10 per cent to 80 per cent takes just 38 minutes, according to BYD.
'Our pricing is quite reasonable and very affordable,' said Liu Xueliang, BYD's Asia-Pacific sales general manager, during an interview in Hong Kong. 'Our main focus is to attract young people,' he said, adding that the company aimed to 'offer the best value-for-money products that are truly worth having'.
With a population of 7.5 million, Hong Kong is a relatively small market, selling fewer than 40,000 cars annually.
Still, its affluence and concentration of ultra-wealthy residents make it a lucrative market for premium brands. Some companies also consider the city a testing ground for self-driving technologies and a way to break into the global right-hand-drive market.
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