Photo/Zhang Yun (NBD)

Feb. 27 (NBD) – Chinese EV maker BYD is slashing the prices of its vehicles following the foot of Tesla.

A BYD distributor in Shanghai confirmed the news on Feb 26, saying the BYD Dynasty Series has started a promotion with several hot products reduced by several thousand yuan. In addition, the delivery term is shorter than that in 2022, according to Shanghai Securities News. But BYD did so for emptying the inventory, added the distributor.

A BYD distributor in Beijing is also seen reducing prices with the 2021 Han EV and 2021 Qin EV 20000 yuan and 15000 yuan lower respectively. The new models are 6000 yuan to 8000 yuan lower.

On Feb,26, BYD is also reportedly to introduce a brand-new product in 2023 with an internal code of “Brand F”, which is benchmarked as Tank 300.

In response, BYD confirmed that a new brand will be released, but it is not true that it is benchmarked as Tank 300, according to an interview with NBD.