By Michael Elkins
Tesla (NASDAQ:TSLA) rival, and leading seller of battery electric vehicles, BYD (OTC:BYDDY) announced Thursday on its social media account that the Chinese automaker will be offering discounts on some models, intensifying competition in the biggest auto market.
The discounts will be for buyers who place orders for the Song Plus and Seal models between March 10 and March 31, the company said. In return for an 88 yuan (CNY 1 = $0.1436) deposit, Seal EV buyers can get 8,888 yuan deducted from the price, while buyers of their Song Plus models receive a discount of 6,888 yuan.
BYD's new discounts follow price cuts announced by Tesla in early January.
Data from China Merchants Bank International showed that BYD was China's best-selling passenger car brand in February, outselling Volkswagen (ETR:VOWG_p) for the second time in four months.
According to China Passenger Car Association, BYD sold 34,621 Song Plus SUVs and 14,372 Seal sedans in the first two months. The car association data showed Tesla sold 39,710 Model Ys and 21,056 Model 3s in January and February combined.