- BYD is offering rebates to its dealers in China of RMB 666 ($93) per vehicle, according to a local media report.
- BYD provided rebates to dealers early last year, at the same rate of RMB 666 per vehicle.
BYD (HKG: 1211, OTCMKTS: BYDDY) is providing rebate subsidies to its dealers in China, amounting to RMB 666 ($93) per vehicle, according to a report by local media outlet Yicai today, citing sources close to the company.
The new energy vehicle (NEV) maker provided rebates to dealers early last year, at the same rate of RMB 666 per vehicle, the report noted.
The brief report did not provide further details.
In a January 2024 report, Yicai said that BYD was expected to reward dealers with RMB 2 billion after achieving its 2023 sales target of 3 million vehicles.
For stores that met their sales targets, BYD would award RMB 666 per vehicle sold, according to Yicai's report from last year.
Most of BYD's stores in China had met their sales targets, the report said.
In 2024, BYD sold 4,272,145 vehicles, representing a year-on-year increase of 41.26 percent.
If BYD were to provide a rebate of RMB 666 for every vehicle sold by dealers, the total amount would reach about RMB 2.8 billion.
The company said at an investor meeting on March 27, 2024, that it expected its 2024 annual sales to grow by over 20 percent compared to 2023.
That implies that BYD anticipated selling over 3.63 million vehicles in 2024, considering it sold 3,024,417 NEVs in 2023.
In March this year, BYD chairman and president Wang Chuanfu said that the company's 2025 vehicle sales target was 5.5 million units, including over 800,000 units from overseas markets.
Compared to the 4,272,145 vehicles sold in 2024, this overall target represents about 29 percent growth. The overseas sales target represents a 92 percent increase from the 417,204 vehicles sold in 2024.
($1 = RMB 7.1855)
