China's BYD lowers starting price of its lowest-priced EV model Seagull by 5.4%

Chinese electric vehicle (EV) giant BYD 1211.HK on Wednesday lowered the starting price on a new version of its lowest-priced EV model Seagull by 5.4% from the model it replaced, adding fuel to a raging price war in the world's largest auto market.

The reduction brought the basic price of the affordable Seagull lineup to 69,800 yuan ($9,697.41).

BYD on Monday priced a new version of its best-selling car 11.8% lower than a previous model. BYD has launched a slew of lower-priced new car versions since February.