(Yicai) March 8 -- Chinese automaker BYD and SAIC-GM-Wuling Automobile, a joint venture between China’s SAIC Motor and Wuling Motors and US’ General Motors, have introduced new electric vehicle models priced below CNY100,000 (USD13,900).

SAIC-GM-Wuling released the Wuling Bingo Plus, an all-electric sport utility vehicle with a 510 km range priced at CNY98,800, on March 6. The Bingo Plus is the first all-electric car model with a range of over 500 km priced at below CNY100,000.

Later on the same day, Shenzhen-based BYD launched two versions of the Seagull model. Both versions, with ranges of 305 and 405 kilometers, are priced at between CNY69,800 and CNY85,800 (USD9,710 and USD11,940), down about CNY4,000 (USD560) from similar models on the market.

China’s NEV penetration rate reached 66 percent in the market segment of small vehicles and 100 percent in the segment of microcars last year, according to data from the China Passenger Car Association. Models from Chinese brands held leading positions in the small sedan segment, seizing an 88 percent market share last year.

All-electric models from BYD and SAIC-GM-Wuling are dominating the Chinese small automobile market. In January, the BYD Seagull, BYD Dolphin, and Wuling Bingo were the country’s three best-selling small car models, with a sales volume of over 10,000 units each. The Seagull alone sold 28,000 units in January.

Meanwhile, sales of the Honda Fit and Volkswagen Polo, two small fossil fuel-powered cars, sold just over 2,100 units each in the first month of the year.

The positive performance of small all-electric car models in China shows local automakers’ ability to control costs.

For example, the BYD Seal costs 15 percent less to produce than the Model 3 that US EV giant Tesla makes at its Shanghai gigafactory and 35 percent less than similar models manufactured by German auto giant Volkswagen in Europe, according to a UBS breakdown of BYD car models.

SAIC-GM-Wuling Automobile has a good ability to control costs, mainly thanks to its large-scale platform, low-cost core parts, and cheap labor force, Pacific Securities said in an analytic report.

Editor: Futura Costaglione