BYD undercuts Tesla with another dirt-cheap electric SUV

BYD wants to attract younger drivers with its latest electric SUV. The new BYD Atto 2 launched in Hong Kong on Friday with prices starting under $22,000, or about 30% cheaper than Tesla’s most affordable model.

BYD Atto 2 arrives as a cheap electric SUV in Hong Kong

After outselling Tesla for the first time in Hong Kong during the first half of this year, BYD is turning up the pressure with its latest EV.

BYD introduced the right-hand-drive Atto 2 starting at just HKD 169,800, or roughly $21,700. During the launch event, BYD’s Asia-Pacific sales manager, Liu Xueliang, boasted, “Our pricing is quite reasonable and very affordable.”

Compared to rivals, Liu isn’t lying. Tesla’s cheapest vehicle, the Model 3 RWD, is about 30% more expensive, priced from HKD 249,000 ($31,700).

Advertisement – scroll for more content

The Atto 2 went on sale in Europe in January and launched in China under the name Yuan Up in 2024. Now, it has officially arrived in Hong Kong.

According to Liu, BYD’s “main focus is to attract young people,” adding the Chinese EV giant aims to “offer the best value-for-money products.”

Despite the cheap price, BYD’s electric SUV offers quite a bit. It features BYD’s Smart Cockpit, which includes voice control, smartphone integration, and various driver-assist features.

The Atto 2 offers a driving range of up to 410 km (254 miles), more than enough for a daily commute (if not a weekly one). It can also recharge from 10% to 80% in 38 minutes.

Although Hong Kong is a relatively small market, it remains a key entry point into the global right-hand drive market.

After launching the slightly larger Atto 3 SUV in 2022, BYD has sold over 170,000 EVs in the region, accounting for approximately 30% of the market, Liu claimed.

Through June, BYD’s top-selling EV was the Sealion 07, a smart mid-size electric SUV that hit the market at the end of 2024.

Electrek’s Take

BYD is quickly outpacing not just Tesla, but most auto brands in several overseas markets. While Tesla’s sales dropped significantly in Europe’s largest car markets, BYD is gaining momentum quickly.

In Germany, Tesla sold just 1,110 vehicles in July, 55% fewer than it did in the same month last year. Through July, Tesla’s sales are down 58% this year. BYD’s sales, on the other hand, surged 390% compared to last year.

A similar situation is unfolding in the UK. Tesla sold just 987 vehicles in the UK last month, down nearly 60% from the almost 2,500 it handed over in July 2024. BYD sold 3,184 vehicles in the UK in July, more than quadrupling its sales from the same period last year.

And it’s not just in Europe and China. Just last week, Li Yunfei, BYD’s brand and public relations GM, said the EV maker was dominating several global markets, including Hong Kong, Singapore, Thailand, Indonesia, Spain, Italy, and Brazil.

With Tesla CEO Elon Musk warning of a few “rough quarters” ahead, will BYD continue gaining market share?

Source: SCMP, BYD