BYD, the world’s largest electric vehicle (EV) builder, has launched a new premium brand to compete with the likes of Toyota’s Prado, Land Rover and Porsche. Wang Chuanfu, Founder and Chairman of Shenzhen-based BYD, told a press conference that the new Fang Cheng Bao brand will offer electric off-road-capable sport-utility vehicles (SUVs) and sports cars, aiming not only to meet drivers’ transport needs but also cater to their status and individualism. “We hope the brand will accelerate the transition of the EV industry, with more new-energy vehicles replacing internal combustion engine counterparts,” he said. “Fang Cheng Bao will turn each individual customer’s dream into a reality.” Fang Cheng literally translates as formula in Chinese, and Bao means leopard. Vehicles under the brand will use BYD’s new plug-in hybrid platform, known as DMO, which stands for “dual-mode off-road”, and will be equipped with the DiSus-P intelligent body control system.
The carmaker said the first production model, the Leopard 5 SUV, will debut at the Chengdu Motor Show, which starts on August 25. BYD did not say when the vehicle will go into production. The SUV is expected to be priced between CNY400,000 and CNY600,000, according to analysts. The Leopard 5 is now undergoing tests under different weather and traffic conditions, while the company is also developing several other models targeting wealthy Chinese customers, BYD said. In the off-road SUV segment, which is dominated by petrol-powered vehicles, only Great Wall Motor’s Tank 500 has a plug-in hybrid version.
“BYD’s drive to move up the value chain continues because Fang Cheng Bao vehicles will be much more expensive than its better known cheaper electric cars priced below CNY200,000, which is about 30% below premium models from Tesla and Chinese competitors such as Nio and Xpeng. The carmaker, which dethroned Tesla as the world’s largest EV maker last year, already builds and sells vehicles under the Dynasty and Ocean series, as well as the Denza and Yangwang brands. In late June, BYD said it would begin delivering its Yangwang U8, a luxury car priced at CNY1.1 million, in September. The U8’s appearance evokes comparisons with Range Rover. It can accelerate to 100km/h from a standstill in 3.6 seconds, and its four wheel-side motors can rotate the vehicle in a so-called tank turn and even allow it to crab-walk sideways.
BYD launched Denza-branded models in just one month between July and August, exuding confidence about climbing up the value chain. Shenzhen Denza New Energy Automotive, which is 90% owned by BYD, began taking orders for its plug-in hybrid N8 model early this month. The car, expected to take on Li Auto's L8, ranges in price from CNY319,800 to CNY326,800, the South China Morning Post reports.
