Chinese EV maker BYD has unveiled three new models under its premium brand Fangchengbao including two concept cars. The Bao 8 SUV, Super 3 concept crossover and Super 9 concept sports car made their debut at a live-streamed event. The company plans to showcase these vehicles at the Beijing auto show, which starts late next week. The move comes as the Chinese electric vehicle giant ramps up efforts to sell into higher-priced segments.
Most of the Fangchengbao lineup features a plug-in hybrid system called Dual Mode Off-Road (DMO). This system was internally developed by BYD for improving the off-road driving experiences with better fuel economy and high horsepower, its chief scientist, Lian Yubo, said at the event.
As of now, the off-road vehicle segment is ruled by Toyota Land Cruiser, Stellantis’ Jeep and Tata Motors’ Jaguar Land Rover but BYD is challenging them with its electric vehicles. The designing of Super 9 was led by the carmaker’s head designer, Wolfgang Josef Egger, who has worked at European luxury car brands such as Alfa Romeo, Audi and Lamborghini.
BYD’s premium brand Fangchengbao was launched late last year along with two other upmarket brands – Denza and Yangwang. The company also launched a hybrid SUV and a sports car under the Yangwang brand that sells above one million yuan (USD 138,132.99).
BYD has already delivered nearly 20,000 units of Bao 5, the first model of the Fangchengbao brand. Deliveries of the plug-in hybrid SUV, priced from 289,900 yuan, had started in November 2023.
This year, BYD aims to sell 3.6-million units, expecting a jump of 20% from its record-breaking sales last year, as per a previous report. The Chinese electric vehicle maker aims to sell five lakh vehicles overseas this year, which is more than double of its last year’s total foreign sales. The target for 2025 has been set at one million, the company’s Chairman Wang Chuanfu said at BYD investor meeting.
Last year, BYD dethroned Tesla to become the global leader in the EV space, which has helped the company step into the global spotlight. The carmaker has also embarked on aggressive expansion into overseas markets, posing a robust challenge for rivals.