BYD Launches New Premium EV Brand to Rival Land Rover and Porsche
The world's largest EV maker BYD has unveiled a new high-end brand called Fang Cheng Bao. The Chinese company will pit its new electric SUVs and sports cars against luxury icons like the Toyota Prado, Land Rover and Porsche.
BYD, the Chinese EV giant and world's top electric vehicle manufacturer, has announced the launch of a new premium brand called Fang Cheng Bao. The move pits the Shenzhen-based company against luxury automakers like Toyota, Land Rover and Porsche.
Fang Cheng Bao will offer electric SUVs and sports cars aimed at wealthy Chinese customers looking for status vehicles. BYD founder and chairman Wang Chuanfu said the brand "will accelerate the transition of the EV industry."
The first model under Fang Cheng Bao will be the Leopard 5 SUV. It debuts this month at the Chengdu Motor Show and features BYD's new plug-in hybrid DMO platform. The carmaker expects the Leopard 5 to be priced from 400,000 to 600,000 yuan ($55,000-$82,000).
BYD is moving upmarket after success with cheaper EVs under 200,000 yuan. Fang Cheng Bao will compete with luxury petrol-powered SUVs like Great Wall's Tank 500 hybrid. The brand also challenges premium EV startups like Nio and Xpeng.
Analyst Eric Han said, "Fang Cheng Bao vehicles will be much more expensive than BYD’s blockbuster products." This shows the ambitious expansion of BYD's production into higher-end segments.
BYD builds vehicles under Dynasty, Ocean, Denza and other brands. It aims to deliver the 1.1 million yuan Yangwang U8 luxury sedan in September. The car accelerates to 100km/h in 3.6 seconds with four-wheel independent motors.
BYD's Denza brand also targets premium EVs like Li Auto's L8 crossover. The 319,800 yuan Denza N8 plug-in hybrid went on sale this month.
BYD launched new Fang Cheng Bao brand for upscale electric SUVs and sports cars
First model is Leopard 5 SUV debuting at Chengdu Motor Show, priced from $55,000-$82,000
Move pits BYD against luxury brands like Land Rover and Porsche
Shows company's ambition to expand into higher-end segments beyond cheaper EVs
Follows launches of other premium EVs under Dynasty, Ocean, Denza brands