On Friday, BYD said that until the end of June it would offer discounts of 10 to more than 30 per cent on 22 of its battery-powered and plug-in hybrid models.
The latest discounts were mainly focused on models priced under 150,000 yuan (US$20,820). The highest-priced model included in the promotion was the Xia multipurpose vehicle, which remained above 200,000 yuan after a discount of about 13 per cent.
The price of BYD’s cheapest model, the all-electric Seagull hatchback, was reduced 20 per cent to 55,800 yuan from 69,800 yuan. The largest discount was for the Dynasty series Qin Plus DM-i, which saw its sticker price fall 34 per cent to 63,800 yuan from an official guide price of 79,800 yuan.
Analysts from Morgan Stanley said that “while some of these discounts have been in place since April, the official announcement sends a strong signal” about how tough the market was.
