GEELY Automobile Holdings on Tuesday (Sep 3) unveiled its first compact electric vehicle (EV), aiming to challenge the dominance of BYD’s Seagull in the entry-level segment in China.
The car, whose Chinese name Xingyuan translates to Wish Upon a Star, targets young, first-time car buyers and has a spacious design for its size. Pricing and more specifications will be revealed later, the company said. They’ll be compared closely to those of the Seagull, which has a basic version that sells for as low as 69,800 yuan (S$12,802).
Although the Xingyuan is slightly bigger than the Seagull and offers a touch-screen dashboard and wireless mobile charging, Geely is positioning itself in an already crowded market for entry-level cars. Since its launch a year ago, Seagull – the ocean-themed EV in BYD’s stable – has risen rapidly in the sales charts, vying with Tesla’s Model Y for the top spot in the Chinese market.
Others in the compact EV segment include Ora from Great Wall Motor and Bingo from General Motors’s joint venture with Saic Motor and Wuling Motors Holdings.
While Xingyuan has impressive specifications and offers a lot of value, BYD will likely have anticipated that competition will intensify, said Tu Le, managing director at consultancy Sino Auto Insights.
“They are prepared to compete with anyone that comes along to the challenge,” Le said. The beneficiary of all the rivalry will be the Chinese consumer, he said.
Last month, Geely launched a new cell technology dubbed the Short Blade Battery, in a nod to BYD’s pioneering Blade Battery. BLOOMBERG
