- Joined
- May 16, 2023
- Messages
- 40,105
- Points
- 113
160k is not a small sum
In addition, BYD resale value seems less appealing vs AMDK Tesla
Tiagong BYD is the next Evergrande
- Thread starter NanoRay
- Start date
In addition, BYD resale value seems less appealing vs AMDK Tesla
- Joined
- Jun 27, 2018
- Messages
- 30,958
- Points
- 113
Dbl post
Sarpork by CCP how to tohyoutube iz laden wif weedios abt ze imminent collapse of china but it never toh…
- Joined
- May 16, 2023
- Messages
- 40,105
- Points
- 113
If no good or no job, better sell off as exit plan
- Joined
- Jun 27, 2018
- Messages
- 30,958
- Points
- 113
Uh the car only keep for 10 yrs in singkieland so at 10 years its 0 value ...in ang mor lands can drive much longer so depreciation is a bigger deal
- Joined
- Mar 5, 2019
- Messages
- 11,137
- Points
- 113
I think refurbished just means quick clean up and touch up. Nothing major and no parts replacement. That's why the buyers can spot the wear and tear. Tons of tricks in the auto trade to freshen up the car. Just needs a few man hours, some chemicals.
- Joined
- Jun 27, 2018
- Messages
- 30,958
- Points
- 113
And a new coat of paint tat peel in 6 months
- Joined
- Jun 27, 2018
- Messages
- 30,958
- Points
- 113
- Joined
- Jun 27, 2018
- Messages
- 30,958
- Points
- 113
Hey Ah Sai,
Looks like the chicons are clamping down on the Scam...
China’s EV kings caught in $185 million dollar scandal
Have you noticed unfamiliar Chinese car brands popping up on the road? There's a reason for that and it's changing Australia's car market fast. Reporter Danielle Collis explains.Two of China’s largest electric vehicle manufacturers, BYD and Chery, have been caught up in a multimillion-dollar subsidy scandal after a government audit revealed they improperly claimed more than $80 million in taxpayer funds.
China’s Ministry of Industry and Information Technology, shows that from 2016 to 2020, the automakers received public subsidies for more than 13,000 vehicles that failed to meet official requirements.
Preliminary results published late last month show Chery had applied for approximately 240 million yuan (approximately AUD $51 million) in funding for 8,760 electric and hybrid vehicles that did not qualify.
BYD had 4,973,143 million yuan (approximately AUD $30 million).
Both car brands accounted for close to 60 per cent of the total improper claims.
The audit assessed more than 75,000 vehicles from more than a dozen automakers.
In total, more than 21,700 vehicles across multiple brands were deemed ineligible accounting for 864.9 million yuan (approximately AUD $185 million) in questionable subsidies.
No formal allegations of fraud have been made but the audit did flag issues such as missing supporting documents and failure to meet minimum mileage thresholds required under the phased out EV incentive scheme.
Under the subsidy program, the Chinese government had previously offered generous cash rebates of up to 60,000 yuan (AUD $8400) per electric or plug-in hybrid vehicle, paid directly to manufacturers, who were supposed to pass on the subsidy to their customers as a discount on the purchase price.
However, this did not always happen correctly.
Regulators were particularly sceptical of dealer practices and sales strategies, calling out “zero kilometre used cars”, brand new vehicles registered to dealers and resold as used stock to inflate sales figures.
The Ministry has not confirmed whether any of the funds flagged in the audit have been repaired or deducted from future payments.
Chery denied the allegations and has said it acted transparently and said the audit only involved subsidy applications that had not yet been paid out.
BYD has not yet commented.
Read related topics:
- Joined
- Jul 25, 2008
- Messages
- 61,444
- Points
- 113
all subsidies in tiongcock are related to scams. one chip startup in sillycon valley went to beijing for conference to find investors, and over 69 showed up to give him lavish dinners and entertainment. after numerous banquets and luxury stay in hotel which the host paid for they all came out with nothing but got paid by ccp for all sexpenses thru’ “subsidies”. apparently, nobody in tiongcock was serious about helping with a foreign venture for chip startup but used the pretext to apply for gov subsidies. all they want is the tech blueprint and steal it to start their own (fake) domestic ventures in order to gain more subsidies as ccp prefers 100% homegrown enterprises. truly fucked up gov policies and freeloading tiong behavior.Hey Ah Sai,
Looks like the chicons are clamping down on the Scam...
China’s EV kings caught in $185 million dollar scandal
Have you noticed unfamiliar Chinese car brands popping up on the road? There's a reason for that and it's changing Australia's car market fast. Reporter Danielle Collis explains.
Two of China’s largest electric vehicle manufacturers, BYD and Chery, have been caught up in a multimillion-dollar subsidy scandal after a government audit revealed they improperly claimed more than $80 million in taxpayer funds.
China’s Ministry of Industry and Information Technology, shows that from 2016 to 2020, the automakers received public subsidies for more than 13,000 vehicles that failed to meet official requirements.
Preliminary results published late last month show Chery had applied for approximately 240 million yuan (approximately AUD $51 million) in funding for 8,760 electric and hybrid vehicles that did not qualify.
BYD electric cars waiting to be loaded to the car carrier BYD "Shenzhen", which will sail to Brazil from the Taicang Port in Suzhou, in China’s eastern Jiangsu province. (Photo by AFP) / China OUT
BYD had 4,973,143 million yuan (approximately AUD $30 million).
Both car brands accounted for close to 60 per cent of the total improper claims.
The audit assessed more than 75,000 vehicles from more than a dozen automakers.
In total, more than 21,700 vehicles across multiple brands were deemed ineligible accounting for 864.9 million yuan (approximately AUD $185 million) in questionable subsidies.
No formal allegations of fraud have been made but the audit did flag issues such as missing supporting documents and failure to meet minimum mileage thresholds required under the phased out EV incentive scheme.
Under the subsidy program, the Chinese government had previously offered generous cash rebates of up to 60,000 yuan (AUD $8400) per electric or plug-in hybrid vehicle, paid directly to manufacturers, who were supposed to pass on the subsidy to their customers as a discount on the purchase price.
However, this did not always happen correctly.
Regulators were particularly sceptical of dealer practices and sales strategies, calling out “zero kilometre used cars”, brand new vehicles registered to dealers and resold as used stock to inflate sales figures.
The Ministry has not confirmed whether any of the funds flagged in the audit have been repaired or deducted from future payments.
Chery denied the allegations and has said it acted transparently and said the audit only involved subsidy applications that had not yet been paid out.
BYD has not yet commented.
Read related topics:
- Joined
- Jun 27, 2018
- Messages
- 30,958
- Points
- 113
Good to see chicons land funking up
- Joined
- Jun 27, 2018
- Messages
- 30,958
- Points
- 113
Exclusive: Chinese consumer complaints show widespread padding of car sales
By ReutersJuly 28, 20254:01 PM GMT+8Updated 12 hours ago
- Summary
- Companies
- Tactic inflates sales amid price war in China's auto market
- Complaints involve major brands like BYD, Toyota, Volkswagen
- Dealers insure cars pre-purchase to meet sales targets, complaints show
Earlier this month, Reuters reported EV brands Neta and Zeekr had arranged for cars to be insured before buyers purchased them, a scheme that effectively inflates sales numbers and gives the appearance the companies were hitting periodic targets.
Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.
But the controversial tactic was not limited to the two companies and was employed elsewhere in the industry, according to a Reuters review of 97 separate consumer complaints published on three widely used Chinese websites.
In more than a dozen cases, buyers said they were informed by dealerships that the practice was specifically designed to meet sales targets.
The allegations cover some of China's largest domestic and foreign brands by sales volume, including homegrown champion BYD and Toyota, Volkswagen and Buick. The three foreign brands operate their China businesses in partnerships with state-owned giants GAC and SAIC Motor Group.
Advertisement · Scroll to continue
While the earliest complaints date back to 2021, the majority were published this year and last as a price war squeezed an industry crucial to China's export-driven economy.
Reuters reviewed complaints posted on 12365auto.com, a third-party site used for consumer dispute resolutions, and two other similar sites. The platforms require owners to verify their identity and submit proof of their allegations.
Advertisement · Scroll to continue
In most of the cases reviewed, the automakers responded publicly, saying they sought to resolve problems.
Reuters was not able to independently verify the complaints or their resolutions.
It is not clear what portion of China's car sales were inflated by the insurance scheme.
SAIC, which is a China joint venture partner for Volkswagen and Buick-owner General Motors, said it is committed to providing users with high-quality and standardised sales services but did not elaborate.
Advertisement · Scroll to continue
The practice effectively disguises how much inventory automakers actually held, said Yale Zhang, managing director at consultancy Automotive Foresight.
"That could lead to a misjudgment of monthly demand within the industry and result in increased production scheduling," Zhang said.
CONSUMER ANGER
Between 2021 and 2025, 48 separate buyers said on 12365auto.com that they purchased new cars only to later discover they were already insured by the dealer.Many of the buyers said they felt deceived by the dealerships, especially when they realised the insurance on their cars was registered in other names.
Likewise, there were 26 separate complaints published between 2021 and 2025 on the China.com 315 auto consumer complaint platform, run by the state-owned China Internet Information Center.
Another 23 were posted between 2022 and 2025 on Black Cat, a widely used consumer complaint platform run by tech firm Sina.
In 14 complaints on the three platforms, buyers of BYD-, Neta-, Toyota-, Buick- and Chevrolet-branded cars said they were told by dealers the practice was aimed at booking sales early to meet targets.
One complaint, filed in December against a SAIC GM dealer on 12365auto.com, alleged the automaker required 60 cars to be insured without buyers to meet sales targets.
Another complaint on China.com filed in April alleged a BYD store in Shaanxi told a buyer it had 12 cars insured in a batch to inflate sales last July.
Buyers of Li Auto, Changan, FAW-Volkswagen and Geely also reported cars being insured pre-purchase.
A Volkswagen Group China spokesperson said it refused to boost sales figures through insurance and that complaints would be investigated.
DEALER COMPLAINTS
Separately, Reuters identified 29 official media reports from 2020 to 2025 that detailed complaints against dealers of major brands, including BYD and Changan and foreign brands Volkswagen, GM, Toyota, Nissan and Honda, run by their joint ventures with state-owned Chinese automakers.The media outlets, across 15 provinces and cities, are controlled and owned by the regional governments.
In nine cases, dealers representing FAW Hongqi, SAIC Roewe, SAIC VW, Dongfeng Nissan, GAC Toyota, GAC Honda and SAIC GM told official media that insuring unsold vehicles was for booking purchases early to meet sales targets.
A Honda spokesperson said that GAC Honda prohibits dealers from taking out compulsory insurance before selling new cars and that any dealers found doing so would be dealt with severely.
FAW Hongqi said it does not use insurance plans to pre-confirm sales and any such activity was not official company action.
GM China said it does not require wholesale vehicles to be insured pre-purchase and that it counts deliveries, not insurance, in its sales reports.
BYD, GAC Toyota, Geely, Changan, Nissan and Li Auto did not respond to requests for comment.
Reuters also identified five articles published by Chinese courts between March 2023 and March 2025 about consumers taking dealers to court for concealing pre-purchase car insurance. In three of those, the court ruled for the buyers who demanded compensation. Verdicts for the other two were not publicised.
'ZERO MILEAGE'
Vehicles booked as sold before reaching buyers are called "zero-mileage used cars" in China. The practice emerged out of the cut-throat competition as the market deals with a years-long price war caused by chronic overcapacity.More than 100 car brands are competing intensely to survive consolidation, deepening pressure to bolster sales and take market share.
Analysts and investors that track the industry use two sets of data.
Wholesale figures reported by automakers to the industry association show sales from automakers to dealers, while retail data compiled from mandatory traffic insurance registrations show the number of sales to users.
Accusations of selling cars with existing insurance policies date back to 2016 when a Cadillac buyer told a regional radio programme he found the car was insured before his purchase.
The practice appears to have picked up after the price war started in early 2023, when several brands led by Li Auto started posting weekly sales rankings on social media based on insurance registrations.
The China Association of Automobile Manufacturers has criticised such postings as unreliable and this month blamed them for intensifying "vicious" competition.
Reporting by Reuters Staff; Editing by Sam Holmes and David Dolan
Similar threads
