The high-end luxury EVs by China’s BYD are set to hit the market this year, marking a significant milestone in the global automotive industry. The Shenzhen-based company is now expanding beyond its reputation for stylish yet budget-friendly cars.
The company’s announcement, made via a Hong Kong stock market filing, indicates that these new models are part of a broader plan to expand their product line and reach out to wealthier buyers. This strategy seems to be working, as BYD is increasingly seen as a strong contender in the luxury EV market.
Chairman Wang Chuanfu proposed a buyback of 200 million yuan ($27.8 million) worth of A-shares in December. Following the Lunar New Year holidays, BYD’s shares rose by 1.3%, while its Hong Kong-listed shares dropped by 1.9%.
The Upcoming Releases
Among the upcoming releases are the Yangwang U8 off-road SUV and the U9 supercar, with expected prices ranging between 800,000 yuan ($116,878) and 1.5 million yuan. The company also intends to repurchase more shares to boost its stock price, which hit a 15-month low recently.
Photo Credit: Twitter (@evmagz) Seen on the photo is the BYD Yangwang U9 Electric Supercar
The Han EV, known for its sleek design and sporty performance, is another key player in BYD’s luxury lineup. With a 0 to 100 km/h acceleration in just 3.9 seconds, the Han EV offers an exhilarating driving experience that combines luxury with powerful performance.
BYD also unveiled a revised version of its flagship Qin Plus plug-in hybrid sedan, priced at 79,800 yuan ($11,090), which is 10,000 yuan cheaper than last year. The company aims to produce battery-powered EVs cheaper than fossil fuel-powered cars.
Photo Credit: Carscoops
Seen on the photo is the BYD Qin Plus plug-in hybrid sedan
The Competitors
In response to BYD’s move, competitor SAIC-GM-Wuling Automobile Co. announced a 6,000 yuan price reduction for its Xingguang sedan.
The price competition has impacted BYD’s financial results, with a projected net income of 29-31 billion yuan for 2023, falling short of analysts’ estimates. Despite record deliveries in the fourth quarter, BYD’s net income is expected to decrease to 7.2-9.2 billion yuan from the previous quarter’s 10.9 billion yuan.
Affordability and Luxury by BYD
The release of high-end luxury EVs by BYD signifies the China’s leading automaker’s efforts to strengthen its position in the EV market, targeting not only affordability but also luxury. With the competition intensifying, the company’s strategic decisions will shape its performance in the coming year.
Image Source: Twitter (@evmagz)
