Chinese new energy vehicle (NEV) giant, BYD, has extended its recent promotion on its Seal model, offering combined discounts of up to RMB 31,000 ($4,510) to customers who purchase the vehicle between April 7 and April 30. The benefits include a cash discount of RMB 15,000, a trade-in subsidy of RMB 6,000, and a 2-year zero-interest loan. This new promotion comes on the heels of a price war in the Chinese auto industry last month, where BYD offered discounts on its Seal and Song Plus models.
BYD’s Song Plus series also received a discount of RMB 6,800 in March, but the promotion has been extended to April 30. Despite the discount extension, the amount remains the same as before.
BYD’s Seal model sold 6,000 units in March, a decline of 22.62 percent from February, while the Song Plus series contributed to a significant increase in NEV sales. BYD sold 207,080 NEVs in March, up 97.45 percent YoY and up 6.93 percent MoM.
BYD’s decision to extend its promotion on the Seal model underscores the intensifying competition in China’s auto industry, particularly in the NEV segment. As the Chinese government continues to promote the adoption of NEVs, companies such as BYD are vying for a bigger share of the market through price incentives and improved product offerings. It remains to be seen how effective these promotions will be in driving sales, but it is clear that the competition is heating up in China’s rapidly growing NEV market.
