BYD With A $10K EVs
Here is the article mentioned in the video:
https://www.cnbc.com/2024/03/22/byd-seagull-ev-puts-global-auto-execs-politicians-on-edge.html
Do not look at the EV market based upon anything you know about automotive. Instead, look at it based upon technological progression.
In this video I discuss the objections often posed to EV adoption. Many simply cannot find it plausible. They buy into the excused like they are permanent. The example is moble phone. Circa 1985, there were a lot of "reasons" why mobile phone adoption would not take place. Those objections look foolish in hindsight.
One that is often mentioned id EVs are too expensive. BYD now has a vehicle that is priced at $10K. It doesn't seem like this excuse will hold weight much longer.
▶️ 3Speak
It seems the Ev's prices are dropping more towards the affordability stage which is a win/win situation for mass adaptability.
We will see. It is going to require moving into the economy segments. BYD certainly is doing that.
It's is wise to let this present situation on pricing remain as it is it. Maybe this is just a little slip to bring in more purchases for the company
I think it was too quick, but BYD being able to roll out a 10k EV is really good for them. I can see it being a hit with consumers especially with the high gas prices. It will be interesting to see how the other competitors react to this.
I dont know if it is going to be exported or simply is available in China. Nevertheless, it does show the focus of the company.
I agree. One of the usual descriptions for Chinese businesses in my area is that they go for small profits, but many sales. This could be one of those.
Summary:
In this video, Task discusses the concept of technological evolution and trends, emphasizing that new technologies start expensive and exclusive before becoming more accessible. He uses the example of Betamax players, highlighting how prices dropped over time. Task then delves into an article about BYD's electric car, the Segal, priced at around $10,000 with a range of 170 miles. He argues that for everyday use within cities, this range is sufficient. Task predicts that Chinese automakers like BYD will disrupt the industry, leading legacy automakers like Ford to announce plans for more affordable electric vehicles in response. He mentions Tesla's similar efforts to cater to the mass market. Task concludes by comparing the skepticism towards EVs to past doubts about cell phones, emphasizing the inevitability of EVs becoming mainstream.
Detailed Article:
Task starts the discussion by highlighting the pattern of technological evolution where new technologies are initially expensive and aimed at the high-end market. He draws parallels to historical tech like Betamax players, stressing how prices eventually dropped to be more accessible to the general population. This sets the stage for the main topic - the BYD Segal, a Chinese electric car priced at around $10,000 with a range of 170 miles. Task argues that for daily urban commuting needs, this range suffices, challenging the common notion that longer ranges are necessary.
He then shifts focus to the impact of Chinese automakers like BYD on the traditional auto industry. Task asserts that these disruptors will force legacy automakers to adapt or face obsolescence. Ford's announcement of a $25,000 electric vehicle by 2026 is cited as a response to this competitive landscape. In contrast, Task notes Tesla's proactive approach in expanding their electric vehicle lineup, with plans to build a $25,000 vehicle starting the following year. This highlights the shift towards more affordable electric vehicles in the market.
Task further explores the potential market impact of BYD's $10,000 electric car, suggesting that even at a slightly higher price point, if the vehicle proves reliable and of decent quality, it could see significant demand. He predicts a ramp-up in production to meet this demand, potentially surpassing traditional entry-level car offerings like the Toyota Corolla. Task hints at the possibility of these affordable electric vehicles catering more to developing nations like the Philippines, broadening their market reach outside developed economies.
In conclusion, Task addresses the skepticism surrounding EVs, likening it to past doubts about the widespread adoption of cell phones. He underlines the inevitability of EVs becoming mainstream, urging viewers to recognize the changing landscape of the automotive industry. This discussion serves as a forward-looking analysis of the evolving electric vehicle market and the disruptive potential of more affordable offerings from companies like BYD and Tesla.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.