Stock Market News

China’s BYD to give dealers 2 billion yuan for hitting sales target -sources

2024.01.03 01:22


© Reuters. FILE PHOTO: A BYD’s electric vehicle (EV) Qin moves on a street in Beijing, China October 31, 2023. REUTERS/Tingshu Wang/File Photo

SHANGHAI (Reuters) – BYD (SZ:), which outsold Tesla (NASDAQ:) in electric car sales globally for the first time in the fourth quarter, will hand out rewards totaling billions of yuan to its Chinese dealers, according to two dealers with knowledge of the matter.

The Chinese automaker will pay 666 yuan ($93.17) per car to the dealers if they have achieved their sales targets in 2023, the people said. The number 666 is considered an auspicious figure in China since the number sounds like the word for “cool” or “amazing”.

In total, BYD is estimated to pay up to 2 billion yuan as it sold more than 3 million units of pure electric cars and plug-in hybrids in the year, they added.

Chinese media outlet Yicai first reported BYD’s dealer bonus on Tuesday. BYD did not respond to a request for comment from Reuters.

BYD has been rapidly expanding its sales network in China via dealerships to boost its sales, especially in lower-tier Chinese cities.

It had more than 3,400 stores in China selling its Dynasty and Ocean series of cars as of October, the highest among all brands, according to China Merchants Bank International.

BYD reported a total of 21 billion yuan in net profit in the first three quarters of 2023 with a sales of more than 2 million vehicles and components such as batteries and smartphone electronics.

BYD sold 3 million cars globally in 2023, 62% more than 2022, of which 1.57 million were pure electric vehicles (EV). Tesla said it delivered 1.81 million EVs in the same period, an increase of 38% from a year ago.

But for the fourth quarter, BYD beat Tesla out to the top EV maker spot, with sales mostly in China.

($1 = 7.1483 renminbi)

(This story has been refiled to remove an extraneous word in paragraph 10)

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,311.34 0.05%
ethereum
Ethereum (ETH) $ 3,389.24 0.82%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 253.83 0.58%
bnb
BNB (BNB) $ 662.00 0.24%
xrp
XRP (XRP) $ 1.46 0.30%
dogecoin
Dogecoin (DOGE) $ 0.425817 2.00%
usd-coin
USDC (USDC) $ 1.00 0.08%
cardano
Cardano (ADA) $ 1.05 1.29%
staked-ether
Lido Staked Ether (STETH) $ 3,390.57 0.75%
tron
TRON (TRX) $ 0.209522 2.61%
avalanche-2
Avalanche (AVAX) $ 42.12 1.50%
stellar
Stellar (XLM) $ 0.527503 6.94%
the-open-network
Toncoin (TON) $ 6.12 6.88%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 4.27%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,005.57 1.06%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,883.23 0.19%
polkadot
Polkadot (DOT) $ 9.13 1.29%
chainlink
Chainlink (LINK) $ 18.19 2.63%
bitcoin-cash
Bitcoin Cash (BCH) $ 513.45 0.33%
weth
WETH (WETH) $ 3,383.75 0.91%
sui
Sui (SUI) $ 3.44 0.66%
near
NEAR Protocol (NEAR) $ 7.01 3.88%
pepe
Pepe (PEPE) $ 0.00002 2.67%
leo-token
LEO Token (LEO) $ 8.66 0.22%
litecoin
Litecoin (LTC) $ 96.91 3.81%
aptos
Aptos (APT) $ 12.39 4.28%
uniswap
Uniswap (UNI) $ 11.00 0.55%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,566.14 0.86%
hedera-hashgraph
Hedera (HBAR) $ 0.143703 3.89%
internet-computer
Internet Computer (ICP) $ 11.50 1.29%
usds
USDS (USDS) $ 1.00 0.13%
crypto-com-chain
Cronos (CRO) $ 0.187704 5.50%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.565332 2.24%
ethereum-classic
Ethereum Classic (ETC) $ 29.06 2.89%
render-token
Render (RENDER) $ 8.01 0.13%
bittensor
Bittensor (TAO) $ 535.95 0.68%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.51 1.34%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.07%
kaspa
Kaspa (KAS) $ 0.153285 0.11%
whitebit
WhiteBIT Coin (WBT) $ 24.45 1.19%
bonk
Bonk (BONK) $ 0.000047 1.50%
arbitrum
Arbitrum (ARB) $ 0.8569 2.99%
vechain
VeChain (VET) $ 0.043294 1.21%
dai
Dai (DAI) $ 1.00 0.04%
filecoin
Filecoin (FIL) $ 5.62 4.58%
blockstack
Stacks (STX) $ 2.26 6.83%
cosmos
Cosmos Hub (ATOM) $ 8.67 5.61%
okb
OKB (OKB) $ 56.18 4.03%
mantra-dao
MANTRA (OM) $ 3.69 0.47%