China’s prominent electric vehicle (EV) manufacturer, BYD, has announced the permanent continuation of its reward system for individuals reporting smear campaigns against the company. The initiative offers tipsters the potential to earn up to 5 million yuan for credible information. Introduced in late 2021, the reward programme was initially increased in June 2022, extending the maximum reward from 1 million yuan to 5 million yuan, with a minimum reward set at 50,000 yuan.
Addressing online smear campaigns
BYD aims to combat online smear campaigns and safeguard its brand image through this incentive programme. In a Weibo post, the company highlighted that the evidence considered includes various forms, such as chat records, emails, contracts, fund transfers, and other legally effective information. Once verified as true, BYD commits to providing a generous reward to the information provider.
Extension of reward programme
While the company did not specify the reason for extending the reward programme, it reflects BYD’s ongoing commitment to tackling misinformation and protecting its reputation in the online space. BYD initiated this programme to counteract false narratives circulating on digital platforms, particularly those that could adversely impact the company’s standing.
BYD’s previous response and vigilance against rumours
In September, BYD confronted online discussions alleging the leakage of commercial secrets, dismissing such claims as baseless rumours. The company asserted that it had identified and apprehended the individual responsible for spreading the false information. BYD further stated its intent to pursue legal action against the individual to address the unfounded allegations.
Position in the EV market and global expansion
BYD, backed by renowned investor Warren Buffett, holds a significant position in China’s electric vehicle market. As the country’s leading seller of electric and plug-in hybrid vehicles, BYD stands as a formidable competitor to Tesla in the global electric vehicle sales race. The company’s commitment to combating smear campaigns aligns with its broader efforts to protect its brand integrity, especially in the face of intense market competition.
Record-breaking performance and market dynamics
BYD has been making substantial strides in the electric vehicle sector, both domestically and internationally. The company reported a remarkable 53% year-on-year increase in new energy vehicle (NEV) sales, reaching 824,001 in the third quarter. This performance underscores BYD’s market resilience and its ability to navigate challenges while achieving significant growth.
In a landscape marked by intense competition and rapid technological advancements, BYD’s proactive approach to addressing online smear campaigns signifies its commitment to maintaining transparency, credibility, and a positive brand image. As the electric vehicle market continues to evolve, such measures become increasingly vital for companies to foster trust and sustain their market standing.