China's BYD targets first-time buyers with EV priced 30% below Tesla

China’s BYD is intensifying its challenge to Tesla’s dominance in the electric vehicle (EV) market, particularly in Hong Kong, by offering the Atto 2—a competitively priced EV at $21,700, approximately 30% cheaper than Tesla’s entry-level Model 3. The Atto 2 features BYD’s proprietary blade battery packs, delivering a range of up to 254 miles per charge and fast charging from 10% to 80% in 38 minutes. Targeted mainly at young buyers aged 25 to 45, the vehicle also includes modern amenities like an intelligent cockpit with voice controls and smartphone connectivity. BYD currently holds about 30% of Hong Kong’s EV market, surpassing Tesla’s previous dominance, and accounted for 27% of private EV registrations in the city during the first half of 2025. Beyond Hong Kong, BYD is rapidly gaining market share internationally, especially in Europe, where Tesla’s sales have sharply declined. For