BYD’s luxury electric vehicle brand Yangwang revealed its logo on December 9, which was inspired by the “electricity” symbol in oracle bones, China’s earliest writing system. Yangwang representatives claimed that as electricity indicates the brand’s development direction, the lightning in the logo connotes ultimate performance and fearless exploration of the unknown.
The price range of its high-end vehicles is expected to be 800,000 yuan to 1.5 million yuan ($114,723 – $215,106). Its products, sales service network and operation team are all independent of BYD. A series of spy shots showing the first model, which will be launched in the first quarter of 2023, was unveiled last month in China. In terms of power, the new car will be equipped with four motors, and the output power of the motors can be adjusted at all times according to factors such as speed, load and road conditions on the basis of throttle data to ensure transmission efficiency and driving safety.
In fact, BYD tried to explore the high-end vehicle market as early as 2009. At that time, BYD launched a convertible sports car named the S8. When the average selling price of Chinese brands was less than 100,000 yuan, the price of S8 was as high as 165,800 yuan to 206,800 yuan. However, due to a lack of advanced technology and design ability, it failed to be recognized by the market, and the sales volume did not exceed 200 units.
In 2010, BYD and Daimler jointly established Denza, starting a second attempt in the high-end vehicle track. From 2015 to 2020, the annual sales volume of Denza remained below 5,000 units. At the end of 2021, BYD and Daimler adjusted their ownership structure from 50%:50% to 90%:10%, making BYD the actual operator of Denza. Denza said at that time that it would launch five series of products, including MPVs, SUVs, sedans and urban sports cars. The MPV Denza D9 launched in May sold 3,451 units in November, an increase of 886% from the previous month.
After more than 10 years of research and development, in 2021, BYD launched the fourth-generation hybrid technology DM-i, Qin Plus, Song Plus, Tang, Han and other models. The introduction of core technologies such as blade batteries and cell-to-body batteries, and the blooming of the new energy vehicle market, made BYD sell 1.18 million new energy vehicles in the first three quarters of 2022, up 250% year-on-year, of which 538,700 units were sold in the third quarter, up 194.4% year-on-year. In the future, BYD will form a brand-new matrix consisting of Dynasty, Ocean, Denza, Yangwang and another personalized brand.