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China’s leading electric vehicle (EV) manufacturer, BYD Co Ltd BYDDF BYDDY, is reportedly setting up a reward scheme offering 2 billion yuan for its dealers upon reaching their sales targets for 2023. This announcement comes on the heels of BYD’s impressive performance in the last quarter, where it outsold Tesla Inc TSLA in global electric car sales.
What Happened: For every vehicle sold that meets the 2023 sales targets, BYD’s Chinese dealers will receive a bonus of 666 yuan ($93.17). Figure 666 is viewed as auspicious in China due to its phonetic resemblance to words implying “cool” or “amazing,” as per Reuters report.
According to estimates, BYD might end up paying up to 2 billion yuan, given that it sold over 3 million units of purely electric and plug-in hybrid cars over the year. The bonus scheme was first reported by Yicai, a Chinese media outlet.
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BYD has been aggressively expanding its dealership network across China, especially in lower-tier cities. As of October, BYD had over 3,400 stores in China, the most among all brands, as per China Merchants Bank International.
In 2023, BYD reported a net profit of 21 billion yuan, with sales exceeding 2 million vehicles and parts. The automaker outperformed Tesla in Q4, becoming the leading EV manufacturer, with most of its sales coming from China.
Why It Matters: Earlier in November, concerns about BYD’s ability to meet sales targets and compete in the smart car sector led to a $12 billion selloff in its Hong Kong-listed stock.
In December, the company also took aggressive measures to boost year-end sales by slashing prices on several models, intensifying its competition with Tesla.
Meanwhile, BYD also secured a conditional testing license for level 3 autonomous driving on high-speed roads in late December.
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