Chinese EV comptition hots up as BYD offers discounts

BEIJING (Reuters) - China's BYD Co, the world's leading seller of battery electric vehicles (BEVs) and plug-in hybrids, on Thursday announced discounts on some models, intensifying competition in the biggest auto market.

The discounts will be for buyers who place orders for the Song Plus and Seal models between March 10 and March 31, the company said on its social media account.

In return for an 88 yuan ($12.64) deposit, buyers for a Seal EV can get 8,888 yuan deducted from the price, while for Song Plus models, the discount is 6,888 yuan.

BYD, with its Dynasty and Ocean series electrified models, was China's best-selling passenger car brand in February, outselling Volkswagen for the second time in four months, retail sales data from China Merchants Bank International showed.

It sold 34,621 Song Plus SUVs and 14,372 Seal sedans in the first two months, according to China Passenger Car Association.

BYD's new discounts follow price cuts announced by Tesla in early January.

The car association data showed Tesla sold 39,710 Model Ys and 21,056 Model 3s in January and February combined.

($1 = 6.9612 Chinese yuan renminbi)

(Reporting by Zhang Yan, Meg Shen and Ethan Wang; Editing by Jason Neely and Barbara Lewis)

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