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China’s BYD (002594.SZ), opens new tab launched on Tuesday the latest version of a plug-in hybrid technology that improves fuel and cost savings, intensifying competition with the likes of Toyota and Volkswagen that still sell mainly gasoline cars.
BYD’s chairman Wang Chuanfu unveiled the fifth generation of the hybrid technology that achieves a record low fuel consumption of 2.9 litres per 100 km (62.1 miles) on depleted batteries at an event in Shaanxi province’s capital Xian.
With a fully charged battery and a full gasoline tank, the technology can ensure a driving range of 2,100 kilometers, Wang said in the city where the company’s first automaking factory was located.
BYD also launched sedan versions of its Qin L and Seal 06 models, both equipped with the new technology and priced from 99,800 yuan ($13,775).
Customers using the new technology can save up to 9,682 yuan a year in fuel costs compared to those who drive gasoline models, the company said.