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BYD Owners Issue Joint Statement Criticizing 18-25% Depreciation in Newly Purchased Cars Within Only 6 Mths
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All owners of the new 24 and 25 Dynasty and Ocean series models from BYD COMPANY (01211.HK) have issued a joint statement aimed at defending their rights, Chinese media reported. They accused BYD of allegedly concealing product iteration plans and failing to clearly distinguish product generations, which constituted misleading sales. The involved car owners also demanded compensation for the rights of old car owners. For those who purchased cars between June 2024 and the release of the new models, they requested a 15% trade-in subsidy based on the new car guide price for the smart driving version to compensate for losses due to configuration differences. In these owners' opinion, the interval between BYD's model update and their purchases being less than six months without providing any official channels to upgrade to the new configuration has led to an immense reduction in old models' residual value in the market. This has adversely affected the resale value for those car owners. Current market feedback shows that the valuation of non-smart driving versions of second-hand cars for the same model has decreased by 18-25% compared to last month. BYD COMPANY last traded at $354, down 2.8%, on a volume of 17.2121 million shares, involving $6.126 billion. AAStocks Financial News |
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