China's BYD cuts starting price for Seal EV; aims to extend lead

, on Wednesday cut the starting price of its best-selling Seal sedan by 10%, as the Chinese electric vehicle giant seeks to extend its lead in the world's largest auto market with lower-priced products.

China's EV market is in the midst of a price war started by Tesla earlier this year, with several EV makers including BYD following the U.S. automaker's example by cutting prices for best-selling models this year to defend market share. BYD, China's best-selling electrified vehicle maker, launched the Seal sedan under its Ocean series in July 2022 with a sporty design style and intelligent features.

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