BYD, a prominent new energy vehicle (NEV) maker, is currently offering rebate subsidies to its dealers in China, amounting to RMB 666 ($93) per vehicle, as reported by local media outlet Yicai. This practice is not new for BYD, as the company provided similar rebates to dealers early last year at the same rate.
The specific details of the rebate program were not disclosed in the report by Yicai. However, in a previous report from January 2024, it was mentioned that BYD was expected to reward dealers with RMB 2 billion after successfully achieving its sales target of 3 million vehicles in 2023. Dealers who met their sales targets were entitled to receive RMB 666 per vehicle sold.
In 2024, BYD managed to sell a total of 4,272,145 vehicles, marking a significant year-on-year increase of 41.26 percent. If the company were to provide a rebate of RMB 666 for each vehicle sold by dealers, the total amount would reach approximately RMB 2.8 billion.
Looking ahead, BYD has set ambitious sales targets for the future. During an investor meeting in March 2024, the company projected a growth of over 20 percent in annual sales for 2024 compared to the previous year. This growth trajectory suggests that BYD aims to sell over 3.63 million vehicles in 2024.
Moreover, BYD’s chairman and president, Wang Chuanfu, revealed in March 2025 that the company’s vehicle sales target for 2025 is set at 5.5 million units, with over 800,000 units expected to come from overseas markets. This target represents a 29 percent growth compared to the 4,272,145 vehicles sold in 2024, with overseas sales expected to increase by 92 percent.
As BYD expands its presence in overseas markets, the company believes it has the right products and strategies in place to replicate its success from the Chinese market. This strategic move aligns with BYD’s vision for continued growth and success in the global automotive industry.
Overall, BYD’s rebate program for dealers in China reflects the company’s commitment to incentivizing and rewarding sales performance, while also driving towards its ambitious sales targets for the future.
