Has the Tesla Model 3 finally met its match? BYD Seal electric car pricing announced and you'll never guess how much it costs

Rising Chinese brand BYD has launched its direct challenger to Tesla's popular Model 3, undercutting it by more than $12,000.

The all-new BYD Seal is the company’s third model in the Australian market and has been billed as its first “luxury sports vehicle” as it looks to extend its reach locally.

There will be three variants of the Seal - Dynamic, Premium and Performance - each with different driving ranges and performance capabilities. The Dynamic is the entry-level model in the range and will be priced from $49,888 (plus on-road costs), the Premium starts at $58,798 and the Performance AWD will cost $68,798.

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For comparison, the facelifted Tesla Model 3 is priced at $61,900 for the RWD and $71,900 for the AWD variants.

Luke Todd, CEO of EVDirect, BYD’s local distributor, was not playing down the significance of the arrival of this latest model.

“This really is a significant moment in the Australian automotive industry,” Todd said. “When I first founded EVDirect the objective was to bring the world’s best electric vehicle technology to Australia and do so in an affordable manner. I’m confident we have delivered.”

Underneath the Seal sits on the same modular underpinnings as Dolphin small car and Atto 3 SUV. The Dynamic and Premium are both fitted with a single rear-mounted electric motor, while the Dynamic adds a second motor on the front axle.

BYD claims the Seal Dynamic makes 150kW/310Nm, the Premium 230kW/360Nm and the Performance 390kW/670Nm. Acceleration times (0-100km/h) for the trio are rated at 7.5 seconds for the Dynamic, 5.9 seconds for the Premium and a very rapid 3.8 seconds for the Performance.

BYD utilises its proprietary ‘Blade’ battery technology and offers up claimed WLTP driving ranges for the three models at 460km (Dynamic), 570km (Premium) and 520km (Performance).

In a unique feature for Australia, the Seal will be available with the choice of either a black and grey interior or 'Ocean Blue' colour scheme.

Sales of the Seal opened on the BYD Australia website immediately after the price was revealed on a live webstream, broadcast from the new BYD Megastore in Sydney. Customers are able to place an order with a $1000 deposit, with Todd revealing the first shipment of Seals is due in Australia in early December.

BYD also confirmed that customer deliveries of the Dolphin small electric hatch have also begun this week.