Chinese Regulators Will Meet Tesla Rival BYD, Other Companies To Discuss 'Zero Mile' Used Cars: Report

Regulators from China's commerce ministry are set to meet with executives from several Chinese automakers, including EV giant BYD Co. Ltd. BYDDY BYDDF, to discuss the surge in zero-mile used car sales.

What Happened: The meeting is set to take place on Tuesday afternoon, according to an anonymous source cited in a report by Reuters published on Tuesday.

A zero-mile used car is a car that has been registered with the authorities and has number plates, which make it a ‘sold' car. However, the car has never been driven. The report suggests over 4000 vendors sell these cars domestically in China.

The meeting also includes China Association of Automobile Manufacturers (CAAM), China Automobile Dealers Association (CADA), as well as executives from Dongfeng Motor Group Co., Ltd. DNFGY, the report suggests.

Why It Matters: The news comes in as used EVs are steadily picking up the pace. Recently, Tesla Inc. TSLA announced it will begin accepting trade-ins for the Cybertruck, a year after the company released the product into the market.

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Elsewhere, BYD has been ramping up its European goals, as the company recently unveiled its Dolphin Surf hatchback EV in the region. The Dolphin Surf is the Euro-spec version of BYD's best-selling Seagull EV.

BYD also surpassed Tesla sales for the first time recently as BYD registered 7,231 battery-electric vehicles in Europe in April, which was higher than Tesla’s 7,165 units during the same period, according to expert data.

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