- The move will make BYD the first Chinese automaker to enter Europe’s top luxury car market, Autocar reports.
- The U8 and U9 will go on sale in Europe, with more models to come.
BYD (HKG: 1211, OTCMKTS: BYDDY) will bring its ultra-luxury sub-brand Yangwang to the European market, more than two years after the brand was launched in China, according to a report in Autocar today.
The company’s plan is to bring Yangwang to Europe after launching the Denza brand there early next year, the report said, citing BYD executive vice president Stella Li.
She didn’t give full details, but said the U8 off-road SUV (sport utility vehicle) and U9 electric supercar will be available in Europe, with more models coming, including the U7 sedan, according to the report.
The report describes Yangwang as a brand that competes with Bentley, saying the move would make BYD the first Chinese manufacturer to enter Europe’s top luxury car market.
It’s unclear whether the company plans to make Yangwang cars significantly less expensive than the likes of the Bentley Bentayga and Ferrari 296, the report notes.
The cost of converting the Yangwang model to right-hand drive and exporting it to Europe, where BYD’s electric vehicles face a 17 percent tariff, means that its selling price in Europe is likely to be much higher than in China, the report says.
Yangwang is BYD’s ultra-luxury brand launched on January 5, 2023 to target a market with prices in the RMB 1 million ($139,370) class.
Yangwang launched its first model, the U8, in China on September 20, 2023, with a starting price of RMB 1.098 million.
On February 25, 2024, Yangwang launched the U9, a 2-seat electric supercar with a starting price of RMB 1.68 million.
On March 27 this year, the brand launched its third model, the U7 electric sedan, with a starting price of RMB 628,000 yuan.
Yangwang’s current models are based on BYD’s e4 technology, powered by four electric motors with over 1,000 horsepower.
On April 23 of this year at the Shanghai auto show, Yangwang unveiled the U8L, a longer version of the U8.
Yangwang sold 205 vehicles in June, down 50.96 percent year-on-year but up 47.48 percent from May, according to data compiled by CnEVPost.
The Yangwang U8 sold 64 units in June, the U9 sold 9 units and the U7 sold 132 units.
($1 = RMB 7.1753)
