- BYD Co, Ltd (OTC:BYDDF) (OTC:BYDDY) launched the first of two new luxury electric-vehicle brands it is introducing this year, reflecting its focus on the premium segment.
- Warren Buffett-backed EV maker showcased its U8 sports utility vehicle under the Yangwang brand, Bloomberg reports.
- BYD said the SUV would be at the “million yuan” level, making it one of the most expensive EVs in China.
- BYD also revealed a luxury electric sports sedan, the U9.
- Tesla Inc’s (NASDAQ:TSLA) Model Y SUV has a base price of 288,900 yuan ($42,030).
- Tesla churned out around 70,000 luxury EVs a month from its factory in Shanghai.
- BYD said the U8 has four electric motors and the automaker’s signature blade batteries, and it can drive in water in emergencies.
- BYD’s sales of new-energy vehicles climbed to 1.86 million last year from about 604,000 in 2021 despite China’s Covid resurgence.
- In December, BYD curtailed output by at least 2,000 cars a day, and 20% – 30% of employees were unable to work. Sales of its pure-electric cars fell month-on-month in December for the first time since February.
- China’s Passenger Car Association estimates 6.5 million EVs were sold last year and predicts that figure could rise to at least 8.4 million in 2023.
- BYD is “resilient thanks to long order backlogs and a stable supply chain,” said Jing Yang of Fitch Ratings Inc. “We look forward to BYD’s overseas expansion and the new brands to be launched in 2023, which should enhance value.”
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