BYD Takes On Tesla In Chinese Market With Daily Financing As Low As $4.20, A Price Elon Musk Would Love

Benzinga_recent_news02-27 08:18

BYD has witnessed strong growth in Europe as it expands beyond its home country. With the explosive growth elsewhere, the company could be feeling the pressure from competition in China and is ready ...

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With the explosive growth elsewhere, the company could be feeling the pressure from competition in China and is ready to win back market share.\nThe electric vehicle company saw sales fall in January in the Chinese market, down 30% year-over-year. This marked a fifth straight month of year-over-year sales declines, according to a report from Electrek.\nTo fight off the sales declines, BYD has launched a new 0% interest offer on three-year loans and has \"ultra-low\" interest rates on seven-year loans. The company has financing offers that put some of its vehicles at under $5 ($4.20) per day, or around $118 per month.\nThe promotion was announced on Feb. 25 as an exclusive New Year’s offer and runs through March 31.\nTesla posted its first-ever annual sales decline for the Chinese market in 2025. While sales declined, the company saw demand pick up towards the end of the year, with wholesale sales up in December.\nWholesale units of 97,171 were up 3.6% year-over-year and the second-best month for Tesla ever. That figure covers the Chinese market and also vehicles that are exported to other countries.\nTesla launched a seven-year ultra-low interest offer in China for the Model 3 and Model Y vehicles in January. Other companies have followed this model in the market, including BYD.\nIn January, Tesla's low monthly payments were around $280 per month for a Model 3 and around $331 per month for a Model Y. These are both significantly higher than BYD's latest offer.\nWhile it's likely not affordable for Tesla to bring its costs down to the equivalent of $4.20 per day, Tesla fans will recognize the importance of the meme-worthy figure as one of the favorites of CEO Elon Musk.\nPhoto: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"productRelease","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2614035330","isCrawlerRequest":true}