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BYD, short for “Build Your Dreams,” has dominated the Chinese electric vehicle market.

BYD, short for “Build Your Dreams,” has dominated the Chinese electric vehicle market.
Image: Leon Neal (Getty Images)

Chinese electric vehicle maker BYD announced its latest ultra-cheap car on Wednesday as it continues accelerating a price war in its home country.

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The Shenzhen-based company, which has been backed by the likes of Warren Buffett’s Berkshire Hathaway, said the updated version of its e2 EV hatchback will be priced at 89,800 yuan ($12,485), 12.6% less than the previous price of 102,800 yuan ($14,303). It’s just the latest new model unveiled by BYD over the past month as the automaker looks to retain its dominance in China’s EV market and maintain its aggressive stance against Tesla. – William Gavin Read More

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