The Qin family was the third best-selling BYD model in October with 42,767 units sold.
(A poster from BYD's website promoting the Qin Plus EV)
BYD (OTCMKTS: BYDDY) announced last night that it has begun offering a limited-time discount on the battery electric vehicle (BEV) version of its hot-selling Qin family of sedans, after it began offering discounts on a number of other models earlier yesterday.
Between November 1 and November 30, customers can get a discount of RMB 10,000 ($1,370) on the Qin Plus EV, the new energy vehicle (NEV) giant said yesterday.
Currently, BYD offers six versions of the Qin Plus EV with starting prices ranging from RMB 129,800 to RMB 176,800.
This means that the starting price is lowered to RMB 116,800 for customers who buy the Qin Plus EV this month.
BYD is also offering benefits for the model including a RMB 2,500 trade-in subsidy and free installation of charging piles.
BYD sold a record 301,833 NEVs in October, with the Qin family of models contributing 42,767 units, or 14 percent, according to figures released yesterday.
The Qin family belong to BYD's Dynasty lineup and includes the Qin Plus EV and the hybrid Qin Plus DM-i.
The Qin family was the third best-selling BYD model in October. The top two selling BYD models last month were the Song and Seagull, with 63,965 and 43,350 units sold, respectively.
Earlier yesterday, BYD said customers who buy models from its Ocean lineup, including the Frigate 07, Dolphin, Seal, Song Plus, and Chaser 05, between November 1 and November 31 can get discounts of up to RMB 18,000.
The moves are aimed at perpetuating BYD's strong sales momentum. The company's high gross margins due to scale effect make it one of the few car companies that can afford to boost sales by offering discounts.
BYD aims to sell at least 3 million NEVs by 2023, and October's sales figures mean it will have to sell at least about 310,000 vehicles in each of the next two months to reach its goal.
The company's gross margin in the third quarter was 22.12 percent, the highest since the third quarter of 2020, according to a financial report released last week.
Excluding BYD Electronic, BYD's gross margin for its automotive business was a record 25.7 percent in the third quarter, up 4 percentage points from the second quarter, Essence Securities analyst Xu Huixiong's team said in an October 31 research note.
($1 = RMB 7.3177)
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