SHANGHAI -- BYD will make permanent its system of offering tipsters who report smear campaigns against the company up to 5 million yuan ($700,918).
The company in June 2022 increased the maximum amount providers of such information could receive from 1 million yuan to 5 million yuan, saying that policy was valid for a year. The minimum amount is 50,000 yuan.
"The evidence we collect includes but is not limited to chat records, emails, contracts, fund transfers and other information," the company said in a Weibo post.
"Such information should be legally effective and BYD will give the provider a generous reward once it verifies it to be true."
BYD did not say why it extended the reward program, which it introduced in late 2021, saying it wanted to combat online smear campaigns and to protect the company's brand image.
The automaker did not immediately respond to a Reuters request for comment on Monday.
In September, the company hit back against online discussions that said BYD had leaked commercial secrets, saying those posts were pure rumors.
Kerrigan Advisors’ proprietary annual OEM Survey of over 100 executives reveals that the majority of respondents are worried about the financial impact of Chinese automakers’ growing global market share, and most expect that the EV transition to be slower than expected. The survey also queried executives on their outlooks for dealership valuations and profitability, as well as their expectations for the future of dealer networks and facility requirements.
It added that the police had apprehended the person responsible for spreading the rumor and that the company planned to take legal action.
Warren Buffett-backed BYD is China's largest seller of electric and plug-in hybrid vehicles, and Tesla's closest rival in the global electric vehicle sales race.
The company, which has been expanding overseas along with several other Chinese EV makers, broke records with new energy vehicle (NEV) sales rising 53 percent year-on-year to 824,001 in the third quarter, according to company data.
