BYD is offering between 1,000 yuan to 3,000 yuan off some models, auto consultant Sun Shaojun wrote on Weibo on Sunday. Electric car makers including Tesla Inc. and BYD Co. have unleashed further discounts and incentives in China in a final push to meet annual sales targets.
Tesla is offering five-year 0% loans and a 10,000 yuan (USD 1,380) discount on its Model Y sport utility vehicle until the end of December, according to the company.
BYD is offering between 1,000 yuan to 3,000 yuan off some models, auto consultant Sun Shaojun wrote on Weibo on Sunday.
The EV maker is on track to exceed its annual sales goal of 4 million cars after another record month in November. China's best-selling car brand sold 504,000 last month, up 67% from a year earlier.
While EV and hybrid sales got a boost in July when government subsidies for trading in old vehicles for new fuel-efficient models were doubled to as much as 20,000 yuan, the market remains ultra-competitive. The discounts point to the effort of smaller players fighting for share in a market where BYD commands about one-third of deliveries.
Stellantis NV's partner Zhejiang Leapmotor Technology Co. has achieved its annual goal ahead of time. It delivered 40,169 vehicles in November, bringing year-to-date sales to 251,207, surpassing its goal of 250,000 for the year.
Xiaomi Corp. chairman Lei Jun said the company shipped more than 20,000 SU7 EVs in October and November, and will raise its full-year target to 130,000 from the 120,000.
