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Chinese EV maker BYD challenges rival Li Auto with launch of second premium SUV in a month via Mercedes-Benz venture
- The plug-in-hybrid N8 SUV challenges Li Auto’s bestselling L8 model in a red-hot market
- Along with the N7, launched just over a month ago, the new offering is part of the carmaker’s concerted effort to move up the value chain
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Daniel Renin Shanghai
Warren Buffett-backed BYD launched a new premium sport-utility vehicle (SUV) via its venture with Mercedes-Benz, as the world’s largest maker of electric vehicles (EVs) tries to climb up the value chain and take on Li Auto’s bestselling L8.
Shenzhen Denza New Energy Automotive, which is 90 per cent owned by BYD, began taking orders for its plug-in-hybrid N8 model on Sunday, just one month after its previous model, the pure-electric N7, hit the mainland China market.
“Launching two production models in one month represents BYD’s stepped-up efforts to compete in the premium EV segment,” said Eric Han, a senior manager at Suolei, an advisory firm in Shanghai. “The N8 is obviously targeting wealthy families and will fight against Li Auto’s L8 in the Chinese market.”
The N8 ranges in price from 319,800 yuan (US$44,496) to 326,800 yuan.
Li Auto sold 9,618 of its L8 SUVs in June, up 26.5 per cent from a month earlier, according to the China Passenger Car Association. The car starts at 339,800 yuan.
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