China’s BYD to reward dealers with gifts worth 2 billion Yuan for hitting sales target, beating Tesla

The Chinese automaker BYD has surpassed Tesla in global electric car sales during the fourth quarter last year, and plans to give away rewards amounting to billions of yuan to its Chinese dealers, said a Reuters report, quoting sources familiar with the matter. Dealers who achieved their sales targets in 2023 will receive a reward of 666 yuan ($93 or so as of writing this article) per car sold, as reported by individuals with knowledge of the situation. The number 666 holds significance in China, as it sounds like the word for “cool” or “amazing.” BYD is expected to pay up to 2 billion yuan in total, considering it sold over 3 million units of pure electric cars and plug-in hybrids throughout the year, the sources added. Chinese media outlet Yicai first reported on BYD’s dealer bonus. BYD has been actively expanding its sales network in China through dealerships, especially in lower-tier cities. As of October, it boasted more than 3,400 stores selling its Dynasty and Ocean series of cars, the highest among all brands, according to China Merchants Bank International. In the first three quarters of 2023, BYD reported a net profit of 21 billion yuan, with sales exceeding 2 million vehicles and components such as batteries and smartphone electronics. Global sales for BYD in 2023 reached 3 million cars, marking a 62 per cent increase from 2022, of which 1.57 million were pure electric vehicles. In comparison, Tesla delivered 1.81 million EVs during the same period, a 38 per cent increase from the previous year. Notably, BYD clinched the top spot in global EV sales for the fourth quarter straight, primarily driven by strong sales in China. (With inputs from agencies)