Chinese EV giant BYD Co Ltd (OTC:BYDDY) is reportedly offering discounts of up to 11.5% on its Song Pro DM-i and Qin Plus EV vehicle models.
What Happened: The Song Pro DM-i and the Qin Plus EV now have a starting price of 99,800 yuan, marking a discount of 11.5% and 9.1% from their price before the discount, Reuters reported. The discount is valid until Jan. 26.
BYD is China’s biggest EV seller and a major rival to American EV giant Tesla Inc. However, unlike Tesla, BYD makes both plug-in hybrid and battery electric vehicles, together referred to as new energy vehicles.
Why It Matters: In the last quarter of 2023, BYD sold 526,409 battery electric vehicles, effectively replacing Tesla as the world’s biggest seller of BEVs. Tesla in that quarter delivered just 484,507 units.
Tesla regained its position as the world’s top seller of BEVs in the first quarter after selling 386,810 BEVs, 86,696 units more than BYD. Tesla kept up its lead in both Q2 and Q3.
While it is unclear who will take the lead in the fourth quarter, both are trying to entice buyers with offers. Tesla is currently offering a discount of 10,000 yuan on the purchase of inventory Model Y vehicles in China, its second-biggest market outside the U.S.
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