BYD, which made significant strides in 2023, has ambitious plans for growth in the high-end luxury car segment. According to the 2024 strategy briefing, the automaker will launch several new luxury models under the Yangwang brand this year and beyond.
BYD enters the luxury car market with Yangwang
BYD wants to increase the number of luxury vehicles like the Yangwang U8, which became the best-selling electric SUV in China last month. After a record-breaking 2023, the company seems encouraged by the success in the high-priced segment.
BYD now aims to offer more luxury cars to continue its growth. Upcoming Yangwang models include the Yangwang U9, a pure electric supercar, the U7 sedan due this year and a new luxury crossover.
In addition, BYD’s Denza Motors sub-brand is also set to grow. It wants to introduce three new models during the year, including a large luxury SUV and a sporty coupe. Another BYD sub-brand, Leopard, is conducting driving tests with its new hybrid vehicle, the Leopard 8.
BYD has accelerated its efforts to become a leader in China’s growing luxury electric vehicle market. Using its experience in electrification and manufacturing expertise, it wants to further grow the Yangwang sub-brand in the coming years.
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