BYD on May 23 announced fresh incentives to prospective owners, saying customers who trade in their old cars for new ones will now be granted a limited time price cut of up to RMB 53,000 ($7,372) on its electric vehicles, with rivals such as Geely immediately following suit. The Seagull small hatchback, BYD’s cheapest model, now costs only RMB 55,800, or 20% less than its price before the discount was announced, while the Seal 07 plug-in hybrid crossover has seen its price cut by RMB 53,000, according to an announcement. In total, some 22 BYD models have now been discounted as part of the move, though it has not been announced how long the trade-in price cuts will last. Geely responded quickly on Monday, cutting prices by between RMB 9,000 and RMB 16,000 on select models, including its small EV Xingyuan and entry-level sedan Galaxy E8, although its limited offers end on June 1. The share prices of some major Chinese automakers, such as BYD, Geely, and Great Wall Motor, took a tumble on Monday following the news. [TechNode reporting, BYD annoncement, in Chinese]
Related
