China’s BYD says it will keep a reward system for smear campaign tipsters. BYD (002594. SZ), a Chinese business specializing in electric vehicles, said on Sunday that it will make its system permanent. The system offers tipsters who identify smear campaigns against the firm the opportunity to get up to 5 million yuan ($700,918).
In June 2022, the company increased the maximum payment that such information suppliers could receive from one million yuan to five million yuan. The company stated that this policy was set to be in effect for one year. Only 50,000 yuan is required as a minimum payment.
“The evidence we collect includes, but is not limited to, chat records, emails, contracts, fund transfers, and other information,” the firm stated in a post on Weibo for its website. “Such information should be legally effective, and BYD will give the provider a generous reward once it verifies it to be true.”
Although BYD stated that it intended to prevent online smear campaigns and defend the firm’s brand image, the corporation did not explain why it went ahead and extended the incentive program it had initially established in late 2021. In response to a request for comment that Reuters made on Monday, it did not immediately react.
In September, the firm responded to online conversations claiming BYD had divulged trade secrets. The corporation stated that the posts in question were nothing more than rumors. A statement was also sent stating that the police had detained the individual responsible for spreading the rumor and that the corporation intended to pursue legal action.
The top seller of electric and plug-in hybrid vehicles in China is BYD, which receives funding from Warren Buffett. It is also Tesla’s (TSLA.O.) closest competitor in selling electric vehicles worldwide.
With new energy vehicle (NEV) sales reaching 824,001 in the third quarter, the firm, which has been growing worldwide along with many other Chinese electric car manufacturers, shattered records. According to the statistics provided by the company, the number of NEVs sold increased by 53% year-on-year.
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