BYD’s relentless advance to dominate the world’s biggest electric-vehicle market has not been hampered by COVID-19 lockdowns, supply chain woes or power shortages.
Now, the Chinese brand has Elon Musk’s Tesla in its sights.
The automaker will enter 2023 on a roll, with record vehicle sales, revenue and profitability, driven by the appeal of its affordable cars in China’s mass market.
BYD is now making a play for richer buyers in the premium end of the market with two luxury brands, pitting itself against Tesla’s pricier cars.
“The two segments BYD does not have exposure to are the luxury SUV and sports car markets, which we expect BYD will expand into in 2023,” says Bridget McCarthy, head of China operations for green tech-focused U.S. hedge fund Snow Bull Capital.
“These are the two most profitable vehicle segments, so bottom-line growth in 2023 will excite investors.”
The first of the two new brands, Yangwang, will launch in the first quarter, targeting affluent professionals with promises of high performance and disruptive technologies.
More intriguingly, BYD also is touting a new brand that it says will be “grounded in highly professional and personalized identities” to cater to the “diversified demands” of customers.
It’s said little more about the brand beyond that.