Photo: S. Baldauf/ G. ten Brink
BYD is the biggest carmaker in China, and it has big ambitions in the EV segment, not least by establishing a global presence. The latest move is the launch of the new Yangwang premium brand in the first quarter of next year.
BYD has ballooned its operations and extended outside China in Europe and North America, but its ambitions are far greater than that. The company that ditched the gasoline vehicles from its lineup has tripled its sales in the first ten months of the year to 1.4 million units. Most are plug-in hybrid cars, but electric vehicles also make a significant chunk of the mix. The Chinese carmaker wants to extend its grip on the EV market by launching a premium brand.
The new brand will be named Yangwang, which literally means “looking up.” This makes us believe that BYD doesn’t see it competing in the international arena anytime soon. In the Chinese market, this would be another matter. And before saying that Chinese customers are too fond of European luxury brands, keep in mind that these are in free fall in China, leaving more room for local brands.
“Yangwang will build its brand and products with disruptive technology and forward-looking design and is committed to bringing users an unprecedented new experience of ultimate performance,” wrote the first post on Weibo from the new company’s account, according to CNEVPost. “Yangwang will become the representative and benchmark of Chinese high-end car brands and stand bravely at the head of the wave.”
Chinese customers increasingly turned to the technologically advanced electric vehicles produced by Chinese carmakers. It is a space where Tesla still leads the way, but Chinese companies are beginning to catch up and, in some cases, become even more desirable. This was unimaginable just a few years ago.
That’s why the moment is ripe for BYD to step into the premium segment of the Chinese car market. The new Yangwang brand will price its vehicle in the 800,000-1.5 million-yuan price bracket ($110,300-$207,000), which is a very bold statement. The first model that will bear the Yangwang badge would be an off-road vehicle. Judging by the first spy shots circulating on Chinese social media, this is a Land Rover Defender competitor.
The new brand will be named Yangwang, which literally means “looking up.” This makes us believe that BYD doesn’t see it competing in the international arena anytime soon. In the Chinese market, this would be another matter. And before saying that Chinese customers are too fond of European luxury brands, keep in mind that these are in free fall in China, leaving more room for local brands.
“Yangwang will build its brand and products with disruptive technology and forward-looking design and is committed to bringing users an unprecedented new experience of ultimate performance,” wrote the first post on Weibo from the new company’s account, according to CNEVPost. “Yangwang will become the representative and benchmark of Chinese high-end car brands and stand bravely at the head of the wave.”
Chinese customers increasingly turned to the technologically advanced electric vehicles produced by Chinese carmakers. It is a space where Tesla still leads the way, but Chinese companies are beginning to catch up and, in some cases, become even more desirable. This was unimaginable just a few years ago.
That’s why the moment is ripe for BYD to step into the premium segment of the Chinese car market. The new Yangwang brand will price its vehicle in the 800,000-1.5 million-yuan price bracket ($110,300-$207,000), which is a very bold statement. The first model that will bear the Yangwang badge would be an off-road vehicle. Judging by the first spy shots circulating on Chinese social media, this is a Land Rover Defender competitor.
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