BYD, Tesla ramp up EV price war in China with incentives to increase sales
- BYD has recently overtaken Elon Musk's Tesla as the world's largest electric vehicle manufacturer.
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 ($1,380) discount on its Model Y sport utility vehicle until the end of December, according to a post on the company’s Weibo account. BYD is offering between 1,000 yuan to 3,000 yuan off some models, auto consultant Sun Shaojun wrote on Weibo on Sunday.
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The maker of Seagull hatchbacks to Yangwang supercars 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.
Also Read : BYD asks suppliers to cut prices amid EV price war in China
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.
Also Read : China’s EV boom threatens to push fuel demand off a cliff
For others, the pressure is still on. Zhejiang Geely Holding Group Co.’s premium EV brand Zeekr still needs to sell about 35,000 cars in December to reach its annual target of 230,000. It sold just over 27,000 in November, and has launched a 15-day campaign where customers can get a three-year interest-free loan and incentives that are worth tens of thousands of yuan in a final push.
Li Auto Inc., which has shipped more than 441,000 cars as of November, still needs to sell almost 60,000 vehicles this month to make its goal of 500,000 units. The EV maker has also offered three-year interest-free loans.
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