Advertisement
China EVs: Great Wall, BYD launch expensive electric SUVs, bucking industry trend towards mass-market models
- They buck the trend in the mainland’s EV market where most players are focusing on mass-market products to lure budget-conscious consumers
- ‘The two new models have no direct rivals in the market yet, but the number of their targeted customers is limited,’ analyst says
Reading Time:2 minutes
Why you can trust SCMP
Daniel Renin Shanghai
Great Wall Motor and BYD, two major carmakers in mainland China, have accelerated the development and production of expensive electric vehicles, aiming to carve out their own niches as competition in the market escalates.
Advertisement
Great Wall, the mainland’s largest sport-utility vehicle (SUV) maker, officially launched the first plug-in hybrid model under its Tank brand on Monday, which starts at 335,000 yuan (US$46,460).
The debut of Tank’s EV edition, known as the 500 Hi4-T, came after BYD, the world’s largest electric-car builder, announced last week that it will begin delivering its Yangwang U8, a luxury car priced at 1.1 million yuan, in September.
“Unlike most of the EV makers that focus on cheaper models to propel sales, the two companies are taking a different approach as they hope to create niche markets in the premium segment,” said Phate Zhang, founder of CnEVPost, a Shanghai-based EV data provider.
“The two new models have no direct rivals in the market yet, but the number of their targeted customers is limited.”
03:49
Baidu wins permits to offer fully driverless robotaxi service in Beijing
Baidu wins permits to offer fully driverless robotaxi service in Beijing
Tank is a brand of off-road SUVs, or adventure vehicles.
Advertisement