Warren Buffett-backed Chinese EV maker BYD plans to challenge Land Rover and Mercedes-Benz in luxury car market

Founder and CEO Wang Chuanfu said the Shenzhen-based carmaker will roll out a Yangwang-branded SUV priced above US$140,000 in the first quarter

The billionaire did not specify the car’s features, but sources say it aims to challenge Land Rover’s Discovery and Mercedes-Benz’s G-class models

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People visit the booth of Chinese carmaker BYD during the China Motor Show (Tianjin) 2022 in north China’s Tianjin, on November 10, 2022. Photo: Xinhua

Published: 8:30am, 17 Nov 2022Updated: 8:37am, 17 Nov 2022

The world’s largest electric vehicle (EV) maker BYD plans to go upmarket by launching a premium sport-utility vehicle (SUV) to take on global marques like Mercedes-Benz and Land Rover.

Wang Chuanfu, founder and CEO of the Shenzhen-based carmaker, which counts Warren Buffett’s Berkshire Hathaway among its backers, said at the company’s headquarters on Wednesday that a production model under its new premium brand, Yangwang, will roll off the production line in the first quarter of 2023. The car will be priced at about 1 million yuan (US$141,140).

“BYD will build the 1 million yuan-level vehicles under the luxury brand with disruptive technologies and innovative products,” Wang said, according to a company statement. “We will bring our car users an unprecedented experience.”

The Chinese billionaire did not elaborate on the car’s driving range or smart features, but industry sources with knowledge of BYD’s development process said it would be an off-road SUV to challenge the likes of Land Rover’s Discovery and Mercedes-Benz’s G-class models.

BYD’s Atto 3 electric SUV car is displayed during its launch in New Delhi, India, on October 11, 2022. Photo: Reuters

In Mandarin, Yangwang literally means looking up at the skies.