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China: BYD Dealers Stop Giving Subsidy to Buyers, Tells Buyers to Organize Subsidy …

BYD have had a lot of negative press over the past few months which has somewhat overshadowed their massive technological strides in developing new engines and gearboxes. This time around two BYD dealers have announced that anybody buying the E6 will have to go to the government to settle their subsidy claims as the dealers wont be advancing consumers only to wait for the govt to hand over a cheque a few weeks or months later, dealers claim the slow turn around time is hurting their incoming funds, but the real question is are these dealers even selling that many? We doubt it.

From Reuters:
Two of the biggest dealers for the Warren Buffett-backed Chinese automaker BYD have stopped paying an advance subsidy of 120,000 yuan ($18,850) to buyers of its electric cars, a newspaper said, putting further pressure on BYD’s shares after a recent accident invoving one of its vehicles.
The dealers in the southern Chinese city of Shenzhen said buyers would have to pay the full price of around 369,700 yuan and then claim the subsidy from the government themselves, the South China Morning Post reported on Monday.
Shares of BYD fell as much as 5.1 percent in early trade, underperforming a 2.5 percent fall on the blue-chip Hang Seng Index. The stock has fallen 47 percent from its year high in early February.
BYD fell more than 3 percent last week as police investigated the cause of a deadly accident late last month in which one of its electric vehicles caught fire.


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