The Chinese automotive giant has launched its very own Yangwang U9 electric sports car. Here’s BYD’s plan.
BYD is working to expand its models by price range and power type. After overtaking Tesla as the largest EV manufacturer, the Chinese automotive giant has launched its very personal electric sports car Yangwang U9 for the modest (so to speak) sum of 230,000 dollars to break into the luxury market.
The objective of the Asian company is clear: to penetrate as many markets as possible, and not only from a geographical point of view. In other words, BYD not only intends to revolutionize the EV business by targeting standard customers, as it is already doing, but also to challenge the most elite brands. It’s no coincidence that the company has started taking orders for the aforementioned Yangwang U9, pricing the all-electric supercar at 1.68 million yuan, in a bid to lure wealthy Chinese consumers away from vehicles churned out by foreign automakers like Ferrari and Lamborghini.
The U9, which can reach a top speed of 309 kilometers per hour, is expected to be delivered to buyers in mid-2024, helping the Shenzhen-based company, best known for producing several electric vehicles, make a decent leap in quality. BYD explained on the Chinese social network Weibo that a deposit of 300,000 yuan is required to reserve a U9. The company’s most expensive model is meanwhile on display in some of its showrooms in 36 cities in mainland China.
“Yangwang U9 will allow you to savor the emotion when you drive it on racing tracks or on city streets,” the company wrote in a post, underlining that this model “marks the beginning of a new era in which supercars completely electric become a choice for customers".
BYD challenges Ferrari and Lamborghini
BYD presented the luxury brand Yangwang – literally translatable “aspire” – at the beginning of 2023, then putting the SUV U8 on the market as the first wildcard. This model delivered 1,593 units in December, and 1,652 the following month, according to data compiled by electric car news site CnEVPost.
“Yangwang advances BYD’s hopes of becoming a global electric vehicle powerhouse, using some of the company’s latest technologies to make it attractive to customers. The U9 is likely to strengthen BYD’s plan to move up the value chain,” said Chen Jinzhu, CEO of consultancy Shanghai Mingliang Auto Service, speaking about the U9 supercar. Not only that: the U9 itself could overturn the Chinese market of luxury cars, convincing customers beyond Muraglia to pour their savings into the latest Byd gem.
A model comparable to the U9, such as the petrol Ferrari Roma, has a price of 2.76 million yuan, while a Lamborghini Huracan is sold for 2.54 million yuan. This is respectively 64% and 51% more than the U9. Of course, achieving the branding power of the likes of Ferrari and Lamborghini is a tall order for anyone.
Yet, behind the move of the Chinese electric vehicle giant is a very specific strategy . Together with the U9 supercar, BYD has launched new versions of its plug-in hybrid cars and an aggressive marketing campaign to expand into this segment of the market. Hybrids, featuring both batteries and a traditional internal combustion engine, might seem to some to be a step backward for the world’s best-selling electric vehicle maker. “But what if BYD, best known for its affordable electric vehicles, wants to not only reduce Tesla’s market share but challenge the world’s two largest automakers, Toyota and Volkswagen ?”, the Financial Times intelligently asked.
The strategy of the Shenzhen giant
BYD has launched a new version of its Qin Plus DM-i plug-in hybrid sedan - with a starting price around 11,000 lower than the previous version - as well as Han sedans, available as hybrids plug-in and battery electric, and the hybrid SUV Tang.
As a comparison, the Qin hybrid is priced 40% lower than Toyota’s Corolla, about a tenth lower than VW’s Lavida, and about half that of other pure hybrid models such as the Prius from Toyota.
The group’s European strategy is similar. The Seal U DM-i plug-in hybrid, which has a starting price of 23,000 dollars in China, will go on sale in the coming months. BYD has announced plans to invest $14 billion in the development of smart cars to compete with rivals in the premium segment. In short, yet another challenge launched by the Chinese automotive industry is about to come to life.
Original article published on Money.it Italy 2024-03-22 07:21:00. Original title: Così la cinese Byd vuole sfidare Ferrari e Lamborghini
