BYD is offering free vehicle insurance worth up to RMB 5,000 ($690) on a number of Ocean lineup models, ramping up promotions ahead of the Chinese New Year.
BYD (HKG: 1211, OTCMKTS: BYDDY) is ramping up its year-end promotions as the Chinese New Year approaches.
Between December 26, 2024 and January 26, 2025, the Ocean lineup is offering free vehicle insurance worth up to RMB 5,000 yuan ($690) on a variety of models, the company announced today on Weibo.
BYD didn't mention more, saying details are available at its dealerships.
A poster it posted on Weibo shows that the promotion covers the battery electric vehicle (BEV) models and plug-in hybrid electric vehicle (PHEV) models of the Ocean lineup.
The BYD brand's passenger cars include the Ocean lineup and Dynasty lineup, with the former models named mainly after ships and sea creatures, and the latter models named after Chinese historical dynasties.
Currently, the Ocean models include the Seal family, Sealion family, Seagull family, Dolphin, Frigate 07, Chaser 05, and Song Plus series, of which the Song Plus series is the only one of the Ocean array named after a Chinese dynasty.
BYD's Dynasty models include the Han family, Tang family, Qin family, Song family, and Yuan family.
Yesterday, BYD began offering a limited-time discount of 11.5 percent on the Sealion 05 DM-i in China, bringing the starting price of the hybrid SUV (sport utility vehicle) down to RMB 99,800 ($13,670) from RMB 112,800.
The moves appear to be aimed at capitalizing on the sales rush ahead of the upcoming Chinese New Year holiday, which runs from January 28 to February 4, 2025.
BYD's new energy vehicles (NEVs) include passenger NEVs and commercial NEVs, with the former including different brands including BYD, Denza, Yangwang and Fang Cheng Bao.
BYD Group sold 506,804 NEVs in November, including 504,003 passenger cars and 2,801 commercial vehicles.
BYD-branded passenger cars sold 483,011 units in November, up 68.29 percent year-on-year and 0.45 percent from October.
The Ocean lineup sold 229,819 vehicles in November, up 52.30 percent year-on-year and essentially flat from 229,751 in October, according to data compiled by CnEVPost.
The Dynasty lineup sold 253,192 vehicles in November, up 86.01 percent year-on-year and up 0.84 percent from October.
In the January-November period, BYD's NEV sales amounted to 3,837,632 vehicles, a cumulative year-on-year increase of 40.25 percent.
For the full year of 2024, BYD could probably achieve annual sales of 4.25 million vehicles, the company's chief scientist Lian Yubo said earlier this month.
($1 = RMB 7.2990)
BYD offers 11.5% limited-time discount on Sealion 05 DM-i in China
