If you thought BYD was just coasting to the end of 2024, think again. The Chinese new energy vehicle (NEV) powerhouse isn’t just aiming to wrap up the year; it’s looking to make waves in the EV market with a bold year-end promotion.
With limited-time discounts, free insurance, and trade-in subsidies, BYD seems determined to lock in its spot as a global EV leader—and maybe even snag the sales crown from Tesla.
Discounts Worth a Double-Take
Two of BYD’s popular models, the Song Pro DM-i and the Qin Plus EV Glory Edition are now more accessible than ever. The Song Pro DM-i, launched in September with the company’s latest DM 5.0 hybrid technology, has seen its starting price drop from RMB 112,800 to RMB 99,800 ($13,670).
This represents an 11.52% reduction, equivalent to RMB 13,000 off. Similarly, the Qin Plus EV Glory Edition, a compact sedan introduced in February, has had its price cut from RMB 109,800 to RMB 99,800, marking a 9.11% discount or RMB 10,000 saved.
On top of these price reductions, BYD is offering additional incentives. Buyers can benefit from subsidies of up to RMB 4,000 for the Song Pro DM-i and RMB 5,000 for the Qin Plus EV. There’s also a generous national trade-in subsidy of up to RMB 20,000 available to those trading in older vehicles.
These promotions are clearly designed to appeal to value-conscious consumers looking for a new ride as the year comes to a close.
Why the Timing Matters
The Chinese New Year holiday, running from January 28 to February 4, is traditionally a peak period for car purchases. Many urban workers plan to return to their hometowns for the holidays, and the convenience of owning a car often becomes a top priority. BYD’s promotion is strategically timed to tap into this demand, offering attractive deals on both its Dynasty and Ocean series models.
The timing isn’t the only clever aspect of BYD’s strategy. Earlier in December, the company slashed prices on the Sealion 05 DM-i, another hybrid SUV, reducing its price to RMB 99,800. More recently, BYD began offering free car insurance worth up to RMB 5,000 for select Ocean series models, including the Dolphin and Seal.
These efforts reflect a comprehensive approach to ensuring BYD’s lineup remains competitive across multiple market segments, from budget-friendly EVs to high-tech hybrids.
BYD vs. Tesla: The Sales Showdown
BYD’s sales numbers tell a compelling story. In November alone, the company sold 506,804 NEVs, including 483,011 passenger cars—a staggering 68.29% increase year-over-year. For the first 11 months of 2024, BYD has sold 3.76 million NEVs, with 1.56 million of those being all-electric models.
At this rate, the company’s leadership has projected total annual sales of 4.25 million vehicles, a milestone that would further cement its position as a global leader in the EV space.
The real intrigue lies in BYD’s race against Tesla for the title of top global EV seller in 2024. Tesla reported 1.3 million EV deliveries through September, narrowly edging out BYD’s 1.17 million all-electric sales over the same period.
However, Tesla’s lack of monthly sales reports means the final outcome remains uncertain until year-end figures are released. BYD’s aggressive promotions suggest it is determined to close the gap and perhaps surpass its American rival.
The Big Picture
Beyond the numbers, BYD’s recent moves highlight its rising influence in the global automotive market. In the third quarter, BYD outsold established giants like Nissan and Honda, and it is now closing in on Ford.
The Seagull EV, BYD’s budget-friendly electric car priced under $10,000, continues to dominate in China, selling 56,156 units in November alone and outperforming Tesla’s Model Y.
These developments underscore BYD’s ambition to lead not only in China but globally. Whether it’s through the affordability of models like the Seagull or the advanced hybrid technology in vehicles like the Song Pro DM-i, the company is making a bold statement about its role in shaping the future of mobility.
Charge Complete
As 2024 comes to a close, BYD is pulling out all the stops to solidify its dominance in the EV market. The combination of competitive pricing, strategic promotions, and impressive sales figures positions the company as a formidable contender for the global EV sales crown.
While the final numbers are yet to be tallied, one thing is clear: BYD’s momentum shows no signs of slowing down. Whether it can edge out Tesla remains to be seen, but with its aggressive strategy, BYD is leaving nothing to chance.
