Chinese Electric Vehicle Manufacturers Launch Discounts and Incentives to Meet 2024 Sales Targets

In China, electric vehicle manufacturers such as Tesla and BYD have initiated new discounts and incentives to meet their annual sales targets. Tesla is offering a five-year zero-interest loan and a discount of 10,000 yuan (1,380 dollars) on its Model Y SUV until the end of December. BYD is also providing discounts ranging from 1,000 to 3,000 yuan on some of its models. The company, which produces a range of models from Seagull hatchbacks to Yangwang supercars, is on track to exceed its annual sales target of 4 million vehicles following another record month in November. China’s best-selling car brand sold 504,000 units last month, marking a 67% increase compared to the previous year.

Zhejiang Leapmotor Technology Co., a partner of Stellantis NV, reached its annual target ahead of schedule. The company delivered 40,169 vehicles in November, bringing its total sales for the year to 251,207 and surpassing its goal of 250,000 units.

Geely Holding Group Co.'s premium electric vehicle brand, Zeekr, needs to sell approximately 35,000 vehicles in December to meet its annual target of 230,000. The company, which sold just over 27,000 vehicles in November, has launched a 15-day campaign that allows customers to receive three-year interest-free loans and incentives worth tens of thousands of yuan.

As of November, Li Auto (NASDAQ:LI) Inc. has shipped over 441,000 vehicles and needs to sell nearly 60,000 units this month to reach its target of 500,000. The electric vehicle manufacturer is also offering three-year interest-free loans.