Huawei offers interest-free loans for its new sedan

Staff reporter and Reuters

China's tech giant Huawei offers a three-year interest-free car loan plan for its new Luxeed S7 electric vehicles after BYD (1211) provided free smart-driving features.

Making the announcement on Weibo, Huawei said it also offered a low-interest rate plan for the first five years of the loan for vehicles under the smart-driving brand Harmony Intelligent Mobility Alliance.

Under the two new plans, the buyers of new Luxeed S7 EVs would enjoy a down payment of as low as 79,800 yuan (HK$85,040) and can save up to 17,000 yuan.

Recently, EV makers including Tesla, XPeng (9868) and Nio (9866) have rolled out some interest-free plans to attract consumers.

On Monday, BYD said it would put on sale 21 models equipped with its "God's Eye" advanced driver-assistance system similar to that offered by rival Tesla for no additional cost.

The cheapest model the Chinese EV giant is offering is the Seagull, priced at US$9,555 (HK$74,529).

Following the release, Huawei executive director Richard Yu Chengdong said there is a big difference between making autonomous driving work and making it safe and reliable and promoted the company's HIMA in a post on Weibo.