Chinese automaker BYD Co to offer discounts for some of its models

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9th March 2023 – (Beijing) Chinese automaker BYD Co, a leader in the global market for battery electric vehicles (BEVs) and plug-in hybrids, has revealed discounts for some of its models, in a move that intensifies competition in the world’s largest auto market. The discounts will be applicable to orders placed for the Song Plus and Seal models between 10th and 31st March, according to a statement released by the company’s social media account.

Under the terms of the promotion, buyers of the Seal EV can receive an 8,888 yuan (US$1,264) discount on the purchase price in return for a deposit of 88 yuan, while buyers of Song Plus models will receive a discount of 6,888 yuan. BYD, which boasts electrified models such as the Dynasty and Ocean series, was the top-selling passenger car brand in China in February, outperforming Volkswagen for the second time in four months, according to retail sales data from China Merchants Bank International. In the first two months of 2023, the automaker sold 34,621 Song Plus SUVs and 14,372 Seal sedans, according to the China Passenger Car Association.

BYD’s discounts come after Tesla announced price cuts in early January. Tesla sold 39,710 Model Ys and 21,056 Model 3s combined in January and February, according to data from the China Passenger Car Association. The move from BYD, which is a strong player in the electric vehicle market, highlights the increasing competition within the Chinese market as automakers strive to attract buyers to their electrified models.