BYD to sell electric cars with zero down payment

China's electric vehicle maker BYD Company Limited has announced a series of financial incentives for customers, China Business News reported.

Taxi operators and bus companies for instance, can now buy the company's all-electric E6 or K9 on credit with a zero down payment. The facility is being offered through China Development Bank and China Everbright Bank.

High prices have been a major hindrance in the sales of electric vehicles.

The E6 costs 180,000 yuan ($28,811) after government subsidies, but the company claims buying an electric car is more cost-effective in the long run.

Operating a Shenzhen all-electric taxi saves 326,000 yuan in five years, compared to the cost of running a gasoline car, the company said.

BYD and a Shenzhen taxi operator signed a 150 million yuan purchase agreement on Sunday.

BYD is also targeting Shenzhen's new energy public buses purchase plan, which might generate 1.2 billion yuan in sales, China Business News reported.

Analysts said that many automakers now have all-electric vehicle projects, and local governments' preference of supporting them could be a big boost for BYD.