Autos Sector: BYD announced prices for its mini BEV; expect limited impact on mini vehicle market

Research evidence excerpt

Autos Sector: BYD announced prices for its mini BEV; expect limited impact on mini vehicle market

J P M O R G A N Asia Pacific Equity Research

28 July 2026

Autos Sector

BYD announced prices for its mini BEV; expect

limited impact on mini vehicle market

On July 28, BYD (covered by Nick Lai) announced prices for its RACCO mini Japan Equity Research

BEV, setting the base grade at ¥2.145 million. In Tokyo, for example, combined

Autos & Auto Parts

subsidies from the national and metropolitan governments look likely to total

¥550,000, reducing the effective purchase cost to ¥1.595 million. Meanwhile, Akira Kishimoto AC

domestic mini BEVs benefit from more generous subsidies, bringing the effective (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

purchase cost to around ¥1 million, so we believe RACCO does not necessarily

Wencong Zhang

have a strong price advantage among mini BEVs. However, we need to closely (81-3) 6736-8627

monitor the potential competition with existing ICE mini vehicles. However, given wencong.zhang@jpmorgan.com

BYD’s limited number of dealerships in Japan, the restricted driving range, and the JPMorgan Securities Japan Co., Ltd.

limited sales volume of existing mini BEVs, we see a limited likelihood of a major

shift in the market over the short term. We will closely monitor future sales trends

for mini vehicles.

• BYD’s MSRP for the RACCO mini BEV starts at ¥2.145 million: BYD

Japan announced the MSRP for the RACCO mini BEV scheduled for launch

in Japan. RACCO is BYD’s first mini BEV to be launched in Japan, offered in

three grades, with the base grade MSRP starting at ¥2.145 million (the other

two models are priced at ¥2.398 million and ¥2.497 million). Given that the

equity market seemed to have expected an MSRP of around ¥2 million, we