After becoming the world’s top electric vehicle seller and surpassing Tesla in car sales by offering a variety of affordable models to its drivers, BYD is changing its strategy by entering the luxury EV market under the brand Yangwang.
The Chinese company is shifting from lower-priced cars to unconventional high-end models like a $150,000 supercar and an innovative SUV capable of rotating 360 degrees and floating in water.
Backed by Warren Buffett, BYD’s export ambitions include expanding into Brazil, Thailand and Hungary this year, targeting to export 400,000 cars globally in 2024.
BYD’s challenges include domestic profit pressure, a subsidy probe in Europe, and limited access to the US market.
On the other hand
Tesla, facing competition in China, recently cut prices on some versions of Model 3 and Model Y, signaling a shift in the EV market.