Chinese EV maker BYD, backed by Warren Buffett, has unveiled new plug-in hybrid technology in its Qin L and Seal 06 models.

The new models offer a driving range of up to 2,100km on a single charge.

Priced competitively at 99,800 yuan, the vehicles have a fuel consumption rate of 2.9 liters per 100 km.

BYD's aggressive pricing strategy initiated an EV price war in February, leading to price drops across various brands in China.

Geely Holding Group plans to launch hybrid models with a more fuel-efficient engine, achieving a thermal efficiency of up to 46.1%.

Competition in the plug-in hybrid sector in China is intensifying as these vehicles become more affordable and popular.

BYD aims to sell 3.6 million units in 2024 after a record net profit increase of 81% in 2023.