BYD Vows To Retain $700K Reward Program For Tipsters Exposing Smear Campaigns Against Warren Buffett-Backed EV Titan

China’s EV titan, BYD Co Ltd BYDDF, confirmed that it would now be a permanent policy to reward those who bring smear campaigns against the company to light.

What Happened: According to Reuters, BYD has decided to uphold its initiative of offering up to 5 million yuan ($700,918) as a reward for individuals who uncover attempts to defame the company.

The reward system was initially implemented in late 2021 as a countermeasure against online smear campaigns aimed at tarnishing the company’s reputation. It was originally planned to be a one-year initiative, but the company has now decided to extend it indefinitely. The maximum reward was increased from 1 million yuan to 5 million yuan in June 2022.

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BYD, which is backed by Warren Buffett, clarified in a Weibo post that the evidence collected could range from chat records and emails to contracts and fund transfers. The company assured that a substantial reward would be given once the provided information is legally verified.

The company, however, did not provide any explanation for the extension of the reward program and did not respond promptly to Reuters’ request for comments.

Why It Matters: In the past, BYD has taken strict measures to combat false information regarding the company, including the leakage of commercial secrets, and has even considered legal action against such defamatory rumors.

This move by BYD can be seen as part of the company’s ongoing effort to protect its reputation from false information. In July 2023, BYD sued an auto blogger, Longzhu-Jiche, for defamation. The blogger had posted a review of the D9 MPV from BYD's premium Denza brand, which BYD claimed contained a significant amount of false information and malicious slander against the company.

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