China's EV leader wants to close the year strong with a new sales promotion. BYD is now offering free car insurance on select EVs ahead of the upcoming Chinese New Year. Will it be enough to take the global EV sales crown in 2024?
BYD offers free insurance on some EVs to boost sales
With a record 506,804 NEVs (EV and PHEV models) sold in November, BYD now has two consecutive months with sales of over 500,000 vehicles.
The EV giant has no plans to slow down. On Thursday, BYD announced its latest sales promotion “New Year GO New Car” on its Weibo page.
From today, December 26, 2024, until January 26, 2025, BYD is offering free car insurance on select PHEVs and EVs in its Ocean and Dynasty lineup. The promotion includes several best-selling EVs, including the Dolphin, Seal, and Sea Lion 07.
In the first 11 months of 2024, BYD sold approximately 3.76 million NEVs, including 1.56 million all-electric models. The promo comes as BYD is in a tight race with Tesla for the 2024 global EV sales crown.
In September, Tesla launched 1.3 million EVs compared to BYD's 1.17 million. Since Tesla doesn't report monthly sales numbers, we'll have to wait until the year-end numbers come out to decide who will take the EV sales crown in 2024.
The Seagull EV, BYD's cheapest electric vehicle starting at under $10,000, has once again become the best-selling vehicle in China last month behind the Tesla Model Y. BYD sold 56,156 Seagull EVs last month alone in China.
While the global EV sales race between BYD and Tesla heats up until the end of the year, the Chinese EV leader is quickly outselling some of the world's biggest automakers.
BYD sold more cars globally than Nissan and Honda in the third quarter, and is now closing in on Ford.
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