Chinese automaker BYD has reduced the price of its flagship Seal electric sedan by 5.3%, setting the new starting price at 179,800 yuan.

BYD introduced the Seal Honor Edition, a more affordable variant of the Seal sedan, with prices starting at approximately $25,000.

The company launched the Seagull EV Honor Edition, an entry-level electric vehicle priced under $10,000, with expectations of strong net profits in 2024.

Ford CEO Jim Farley has expressed concern over the competitive pressure from Chinese automakers like BYD, particularly with models like the Seagull.

BYD's aggressive pricing strategy indicates a shift in the auto industry towards smaller, more economical electric vehicles, initiating a price competition with traditional gas-powered cars.

The company's success in electric vehicles, currently focused on the Chinese market, is prompting international automakers to reconsider their market strategies.