(Yicai) Jan. 2 -- Chinese Tesla rival BYD surpassed its sales target by nearly 20 percent last year and aims to maintain its upward sales trajectory through price cuts this year.

Electric vehicle sales jumped 41 percent year-over-year to nearly 4.3 million units last year, with December sales alone reaching 514,800 units, the Shenzhen-based maker of Qin, Song, and Dolphin models announced yesterday. Passenger vehicles constituted 99 percent of full-year sales. BYD's target was around 3.6 million vehicles for the year, and actual sales exceeded that goal by 19 percent.

The company initiated new price cuts late last year. The Qin PLUS EV Glory Edition, an all-electric compact sedan, will receive a discount of CNY10,000 (USD1,270), while the second-generation BYD Song Pro DM-i, a compact plug-in hybrid sport utility vehicle, will be reduced by over CNY10,000, bringing both models' starting prices to CNY99,800 (USD13,670). The promotion will run until Jan. 26.

BYD is also enhancing its smart technologies. Last year, the company launched its advanced driver-assistance system, known as "God's Eye," which features city navigation on autopilot, shifting away from high-definition maps in favor of real-time data throughout the country. The firm has already sold over four million vehicles equipped with this technology.

Earlier last year, Chairman Wang Chuanfu pledged CNY100 billion (USD13.7 billion) toward improving vehicle intelligence. The firm recently established a new technology research institute and plans to begin large-scale production of smart driving systems, with the goal of equipping at least 60 percent of new models with high-speed NOA technology this year.

Editor: Emmi Laine