Back in March 2024, China's Build Your Dreams (BYD) shocked the industry with the launch of the Seagull, an ultra-cheap EV starting at $9700 (69,800 yuan), with the declared goal of starting a "new era" of cheaper-than-gas electric vehicles. With 35.000 units sold in May, the Seagull has proven a runaway success.

Wuling, a joint venture between General Motors and SAIC, now wants in on the low-cost EV craze and has already undercut BYD with the launch of the new 2024 Bingo, a new compact EV with a starting price of about $8000 (56,800 yuan). 

The car design is not new, and the model is an upgrade to the 2023 Bingo. Based on the battery setup, the EV is available in four models, with a range of 203, 333, or 410km. Despite the price cut from last year's models, all versions now come with ultra-fast DC charging.

With 280.000 units sold since its March 2023 launch, the previous Bingo edition was the second best-selling car in China in May. The competition is heating up in the low-cost segment, and the new Bingo reflects the current positive momentum of the Chinese EV Market. 
In the meantime, in Europe, we still haven't seen a real push towards low cost in the EV sector, with companies still struggling to structure their offering around the idea of smaller-range city cars. 
Instead, European authorities imposed new tariffs on imports of Chinese EVs in an economically risky attempt at limiting the influx of cheaper electric cars into a late-to-the-game and beleaguered European EV market.