For dealer stores that meet their sales targets, will give them a reward of RMB 666 for every vehicle they have sold, according to local media.

(Image credit: CnEVPost)

BYD (OTCMKTS: BYDDF) will reportedly reward dealers to celebrate the company reaching its 2023 sales target.

After reaching its annual sales target, BYD is expected to reward dealers with a total of RMB 2 billion ($280 million), local media outlet Yicai reported today, citing several sources familiar with the matter.

BYD sold a record 341,043 new energy vehicles (NEVs) in December, bringing full-year 2023 sales to 3,024,417 units.

BYD aims to sell at least 3 million vehicles in 2023 and would strive to reach 3.6 million, the company's chairman and president Wang Chuanfu said in late March 2023.

For stores that have met their sales targets, BYD will issue a reward of RMB 666 for each car they have sold, according to Yicai.

For stores that don't meet their sales targets, the incentive amount per vehicle will be the target completion rate multiplied by RMB 666, according to the report.

Most of BYD's dealer stores in China accomplished their sales, the report said.

BYD's net profit attributable to its parent company in the third quarter amounted to RMB 10.413 billion, an increase of 82.16 percent year-on-year. The planned incentive amount is equivalent to nearly 20 percent of BYD's third-quarter net profit, the report noted.

With BYD's sales continuing to grow, it is expected to overtake for the No. 1 spot in the global battery electric vehicle (BEV) market in the fourth quarter.

BYD sold 431,603 BEVs in the third quarter, just slightly behind Tesla's global deliveries of 435,059 vehicles in the quarter. BYD also sold 390,491 plug-in hybrids (PHEVs) in the third quarter.

BYD Auto, excluding Denza, has caught up with Tesla in terms of share of the global BEV market in the third quarter and is on track to overtake Tesla as the global leader in the fourth quarter, market researcher Counterpoint Research said in a report released December 18.

In the fourth quarter, BYD sold 944,779 NEVs, including 526,409 passenger BEVs, and 416,242 passenger PHEVs.

Tesla is expected to announce its global delivery numbers for the fourth quarter in a few hours.

($1 = RMB 7.1276)

BYD catches up with Tesla in global BEV market share in Q3