BYD has denied reports of official price cuts on its Dynasty and Ocean series vehicles, stating that dealer promotions are responsible for discounts in some areas. The automaker’s operations remain stable and it is not currently considering price cuts, according to an unnamed company source cited by Yicai.
However, Jiemian reported that several BYD showrooms in Beijing and Shanghai claimed to have received official notices of price reductions on most models, with discounts ranging from RMB 10,000 or more for older models and several thousand RMB off for popular models.
See also: BYD Cuts Prices to Keep Market Share Amid Growing Competition
BYD’s Dynasty series includes the Han, Tang, Qin, Song, and Yuan families, while the Ocean series includes the Seal, Dolphin, and Frigate. Salespeople at BYD Ocean network showrooms in Beijing, Shanghai, and Shenzhen have not received any recent notices of price cuts, according to Jiemian.
BYD’s move comes after Tesla lowered the prices of the Model 3 and Model Y in China for the second time in three months. Jiemian suggested that pressure from Tesla’s price cut and declining sales may have contributed to BYD’s decision to discount its vehicles.
BYD’s new energy vehicle sales fell to 151,341 units in January, a 35.65% decrease from 235,197 units in December. The drop in sales after the Chinese New Year holiday resulted in inventory pressure on older models, according to a salesperson at a BYD showroom in Shanghai.
See also: BYD to Launch Upgraded 2023 Han EV with Four Improvements in March
Last November, BYD announced plans to raise official guide prices for the Dynasty and Ocean series, as well as the Denza brand, by RMB 2,000 to 6,000 yuan from January 1, 2023. However, most of BYD’s hot-selling models are currently in stock, and the delivery cycle for consumers’ customized models has been shortened from about six months last year to two to three months, according to reports.
