Chinese EV maker BYD will showcase its premium brand's first sedan at the Beijing auto show from Thursday, in a challenge to the likes of Germany's Mercedes-...
BEIJING - Chinese EV maker BYD will showcase its premium brand 's first sedan at the Beijing auto show from Thursday, in a challenge to the likes of Germany's Mercedes-Benz which three years ago pulled out of the brand's development citing slow sales.
Denza's success is central to BYD's goal of being a global major rivalling long-time leaders such as Toyota and Volkswagen with a stable of brands at different price points, shedding its image as a low-cost automaker. The breakthrough came when EVs became feasible along with advancement in so-called intelligent technology, allowing small, nimble firms like Tesla to disrupt the industry.
For comparison, BYD's best-selling Dynasty and Ocean series of cars are priced at 69,800 to 331,800 yuan. They made up the bulk of sales in January-March whereas premium accounted for 6%.BYD's premium vehicles boast nappa leather seats and crystal-embedded gear sticks, as well as technology such as an active suspension feature developed in-house and assisted driving features not available in its BYD-branded models.
"Since cars are becoming electronic devices ... you no longer need to be shy about the idea of creating a premium EV without the bloodline or the history but simply by loading all types of advanced technology onto the car," said Yale Zhang, managing director at Shanghai-based consultancy Automotive Foresight.
That meant selling the new version at a loss in what Zhao called a strategic move for Denza to achieve 40% volume sales growth this year.
Luxury Brands Zhang Yichao Premium Brand Zhao Changjiang
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