BYD launched the Song L SUV fastback on December 15 in China, starting at 189,800 yuan (26,600 USD). The sales price was 30,000 yuan (4,200 USD), lower than the presale price. The Song L received 8,000 – 9,000 orders at dealerships in three days following the launch, the CarFans reported.
Dealers positioned the Song L as a traffic-generating model, with outdoor exhibitions drawing much customer interest. Despite this, the conversion rate remained average as many visitors were unfamiliar with Song L before the visit.
According to the Chinese consumer behavior research agency 车fans (CarFans in English), Song L received 4-5 orders per store. The store inflow was 30-40%, meaning every third customer visiting the dealer came for Song L.
Its cost-effective ratio also lured customers who were initially interested in other BYD models, which might lead to cannibalization among the company’s lineup.
70% of customers were men, and the average age was 25 – 35. Couples or young families looking for trade-in or additional vehicles were among the main target groups.
30% of customers purchased the 662 km Excellence Version for 229,800 yuan (32,200 USD). The most popular interior color was white and for exterior also white.
Customers were well informed and educated about the features, such as 800V architecture and ADAS capabilities, mainly due to social media platforms and TikTok (Douyin). Those features became a standard part of their decision process.
BYD delivered 2,682,636 electric vehicles in 2023 between January and November and aims to fulfill the 3 million annual target. Exports rose 149% YoY in November to 30,629 EVs shipped overseas.
Song L is BYD’s best-looking car, and with its rock-bottom price, it was expected to be well-accepted. There is a risk of cannibalization with other BYD SUVs, mainly its sister car, Denza N7 or Song Plus EV. Tesla Model Y, Zeekr 001, and SAIC’s IM LS6. are the main competitors outside the BYD universe.
Unlike Model 3, whose sales were struggling in China in 2023 as the EV sedan market was more than full, Model Y deliveries were rock solid and broke through young Chinese competition. But BYD and others are determined to change that in 2024, and Song L is part of it. Will Model Y prove itself even next year? We will keep an eye on it as the China’s price war will further accelerate in coming months.