Electric vehicle maker BYD (SHE:002594, HKG:1211) is focusing on "price parity" with combustion models instead of promotions in South Africa amid intensifying competition, Reuters reported Wednesday, citing local managing director Steve Chang.

While rivals slash prices to grab market share, BYD focuses on "price parity" with petrol models and heavy spending on market education, Chang reportedly said.

BYD sold 589 units in March, just behind Mercedes-Benz and Stellantis and beating legacy brands like Volvo, the news agency wrote.

Shares of the carmaker closed 6% higher on the Hong Kong bourse and 2% higher on the Shenzhen bourse.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)