BYD's New Formula S Sedan Slides in Under the Tesla Model 3 on Price

BYD has rolled out a fresh electric sedan that lands on the affordable side of the Tesla Model 3. The car, called the Formula S, arrives as part of a new series that also includes a GT variant, and it starts at less than $29,000.

The Formula S lineup sits under Fang Cheng Bao, a BYD sub-brand. According to the company, this is the first sedan to come out of that range, with the GT rounding out the initial pair.

Positioning a sedan below the Model 3’s entry point puts BYD in direct competition with Tesla on price, a space the Chinese automaker has been pushing into with its expanding electric portfolio.