BYD Co. Ltd. BYDDY BYDDF is going ahead full steam with its global expansion plans as the Chinese EV giant’s luxury brand, Yangwang, will officially enter the European market next year.
What Happened: Yangwang’s debut in Europe will follow the launch of BYD’s other sub-brand Denza early next year, Stella Li, BYD’s Vice President, told Autocar on Monday.
Li said that Yangwang cars, including the U9 and U8 as well as the U7 sedan, are all slated to launch in Europe next year.
However, the report does not highlight whether BYD plans to offer its cars at prices lower than would-be competitors like Ferrari and Bentley. BYD’s EVs are subject to 17% tariffs by the EU, the report suggests, which could impact the Tesla Inc. TSLA rival’s pricing strategy.
Why It Matters: The news comes as BYD’s sales in the Chinese market are down 8%, with many analysts adjusting the expected deliveries by the company for 2025. BYD has said it’s targeting over 5.5 million units delivered this year.
However, the company’s aggressive pricing strategy has triggered concerns among the government officials in Beijing, who have vowed to regulate the «irrational» EV price war in the country.
Elsewhere, rival Tesla recorded over 9.9k new insured registrations in the Chinese market during the week between July 14 to July 20, in what is a slowdown of sales for Elon Musk‘s EV giant.
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