The Qin family was the third best-selling BYD model in October with 42,767 units sold.

Earlier yesterday, BYD said customers who buy models from its Ocean lineup, including the Frigate 07, Dolphin, Seal, Song Plus, and Chaser 05, between November 1 and November 31 can get discounts of up to RMB 18,000.

The moves are aimed at perpetuating BYD's strong sales momentum. The company's high gross margins due to scale effect make it one of the few car companies that can afford to boost sales by offering discounts.

BYD aims to sell at least 3 million NEVs by 2023, and October's sales figures mean it will have to sell at least about 310,000 vehicles in each of the next two months to reach its goal.

The company's gross margin in the third quarter was 22.12 percent, the highest since the third quarter of 2020, according to a financial report released last week.

Excluding BYD Electronic, BYD's gross margin for its automotive business was a record 25.7 percent in the third quarter, up 4 percentage points from the second quarter, Essence Securities analyst Xu Huixiong's team said in an October 31 research note.

($1 = RMB 7.3177)

BYD's auto business gross margin hits record high in Q3, analysts explain why