BYD moving up to higher margin premium EV segment
BYD to challenge Land Rover, Porsche with new EV brand Fang Cheng Bao offering SUVs, sports cars between 400,000 yuan (US$54,800) and 600,000 yuan.
New brand will capture another segment of the EV market. It will earn a higher margin for this segment.
It will pit BYD against the likes of Toyota's Prado, Land Rover and Porsche.
The new Fang Cheng Bao brand will offer electric off-road-capable sport-utility vehicles (SUVs) and sports cars.
In the off-road SUV segment, which is dominated by petrol-powered vehicles, only Great Wall Motor's Tank 500 has a plug-in hybrid version.
BYD appears to be very ambitious in expanding its production line.
BYD has historically been better known for cheaper electric cars priced below 200,000 yuan, about 30% below premium models from Tesla and Chinese competitors such as Nio and Xpeng.
In late June, BYD said it would begin delivering its Yangwang U8, a luxury car priced at 1.1 million yuan, in September. The U8’s appearance evokes comparisons with Range Rover.
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bullrider_21OP : BYD is moving up to higher margin premium EV segment. Contrast this to Tesla which is moving down to lower margin middle segment.