The price of the BYD Racco electric car, imported and marketed by John Keells Auto (Pvt) Ltd, has dropped by Rs. 2.7 million within nine days.
When the Racco, a Kei-style electric car manufactured by Chinese automotive giant BYD, was launched in Sri Lanka on October 9, John Keells CG Auto Chief Executive Officer Charith Panditharatne announced an introductory price of Rs. 11.45 million.
At the launch ceremony held in Sri Lanka on October 9, officials said Sri Lanka was the second country, after Japan, to introduce the vehicle to its market.
Newspaper advertisements published on the day of the launch also stated that the introductory price of the car was Rs. 11.45 million.
However, by yesterday (24), advertisements on BYD’s Facebook page and in leading newspapers listed the new price of the vehicle as Rs. 8.75 million.
Accordingly, the price of the car has been reduced by Rs. 2.7 million within eight days.
Automotive industry experts consider this an unusual price reduction in the motor vehicle market.
They believe the situation has arisen due to low demand for vehicles in the country and unusually high pricing of electric vehicles.
Meanwhile, they say consumer confidence in electric vehicles has also been affected following two separate incidents in Malaysia in which the rear axle of an OMODA 5, a vehicle imported and marketed by Hayleys Mobility, broke within a two-year period.
