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China’s top-selling new energy vehicle company BYD Company said that customers purchasing some vehicle models will enjoy discounted prices and other additional benefits including vehicle maintenance services.
Specifically, for the 2023 version of the “YUAN Pro” model, BYD is offering a limited-time discount equivalent to 6,000 yuan, effective for one month, the company said on Sunday.
Based on the carmaker’s suggested retail price range of 95,800 – 113,800 yuan, that represents a discount of 5.3% – 6.3% The promotion will last for one month.
BYD’s move came as several automakers have announced car price cuts since the start of August, offering price cuts, discounts and profit sharing after a round of price war in the first half of the year.
Tesla, Zeekr, Germany’s Volkswagen and several other electric car makers have been reducing the price of their new energy vehicles in China since August to spur sales amid a highly competitive market.
According to the China Automobile Dealers Association, the index for auto dealers’ inventory rebounded in July after falling for three consecutive months and as many failed to meet first-half sales target, some 32.7% of Chinese auto dealers have ramped up the sales targets for the second half of 2023.
Cui Dongshu, secretary general of the CPCA, had said earlier that there is a big chance for a price war in the car market in the second half of the year and in particular, market competition in the plug-in hybrid segment will be more fierce.