The demand for luxury electric sedans is on the rise in China.
The company disclosed at the Beijing auto show this past weekend, a Chinese automaker funded by billionaire Warren Buffett, orders for the “Han” line of electric cars from BYD have topped 40,000 in just over two months.
The luxury sedan announced on July 12, will initially be sold in China. 4,000 vehicles were delivered in August, the vehicle maker said.
The new Han model has a single-charge range of 605 kilometers with prices ranging from 229,800 yuan to 279,500 yuan. BYD is also selling a plug-in hybrid version for 219,800 yuan.
That price range is a bit lower than that of Tesla’s China-made Model 3 sedan.
Although nearly one-fourth of its revenue in the second quarter came from the Asian country, Elon Musk’s company does not break out China’s unit sales. Tesla said they delivered more than 90,000 vehicles worldwide in three months ended June 30.
The automobile business and related products account for approximately half of BYD’s revenue. The company is also one of China’s major electric vehicle battery manufacturers and has a joint venture with Toyota. BYD’s Hong Kong-listed shares have reached more than 200% so far this year and hit a record high on Wednesday.
Last month Chinese electric vehicle start-up Xpeng listed in New York, demand for its P7 luxury sedan is on the rise this past weekend. Shares of Xpeng are up 25% since the public offering.
The vehicle retails for 229,900 yuan to 349,900 yuan after subsidies, according to Xpeng, which also claims the P7 has the longest range of any electric car sold in China at 706 kilometers.
On the sidelines of the Beijing Auto Show, the vice chairman and president of Xpengtold that in the near term we’re focused on building the momentum in the P7.
Gu said we continue to have strong expectations that P7 will grow in the coming months into next year. Next year we’re actually going to launch our third vehicle, which will be revealed very soon. And that will also be our catalyst for growth.
Gu declined to give any details as he expects Xpeng will reach profitability in a few years.
Xpeng reveals the P7 at the Shanghai auto show in April 2019 and began deliveries in June 2020.
Before running into temporary financial difficulties for most of 2019, Electric vehicle start-up Nio also showed off a prototype for a sedan at last year’s Shanghai show, which targets the premium market.