BYD outsells Tesla, celebrates by giving money to car dealers that hit targets

Chinese EV market dominance


YD recently surpassed Tesla as the world’s top seller of electric vehicles, and it is reportedly rewarding its Chinese car dealers to celebrate. According to Reuters, the Chinese EV giant will award up to two billion yuan ($281 million) to dealers who meet their sales targets in 2023. Yicai, a Chinese news outlet, broke the story first.


According to two sources cited by Reuters, these dealers will receive 666 yuan ($93) for each car sold in 2023.In Chinese culture, the number 666 is considered extremely auspicious. It comes after BYD surpassed Tesla as the world’s largest EV manufacturer, with the Chinese company delivering 526,409 vehicles in the fourth quarter of 2023, compared to Tesla’s 484,507.


BYD, which is backed by Warren Buffett, has been able to compete with Tesla in the EV market by focusing on affordability. Last year, for example, the Chinese automaker released its ‘Seagull’ EV, which costs 73,000 yuan (approximately $10,000).


As their home market becomes more competitive, Chinese EV firms are increasingly looking to expand abroad, raising concerns that Western markets will be flooded with cheap Chinese electric vehicles.


The Financial Times previously reported that US officials were concerned about BYD and fellow Chinese EV companies MG and Chery’s plans to build factories in Mexico, warning that it could provide them with a “backdoor” into the US market.

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