TECH - Warren Buffett-Backed BYD Takes On Luxury EV Market With New Premium Sedan Posing Direct Challenge For Mercedes-Benz | Benzinga
Chinese EV giant, BYD (OTC:BYDDF) (OTC:BYDDY), backed by Warren Buffett‘s Berkshire Hathaway, is set to make a bold move in the luxury EV market with the unveiling of its premium brand’s first sedan at the Beijing auto show, posing a direct challenge to luxury automakers such as Mercedes-Benz.
What Happened: The Denza Z9GT, BYD’s new sedan, is the fruit of founder Wang Chuanfu’s persistence with the brand, Reuters reported on Thursday. This development follows Mercedes-Benz reducing its stake in their joint premium EV venture from 50% to 10%.
The Denza Z9GT will join Denza’s N7 and N8 SUVs and D9 multipurpose vehicles, all of which have seen increasing sales, contributing to BYD’s dominance in the EV market.
“In the past, traditional luxury brands were defined by their logos. Today, luxury for new energy brands are defined by technology,” said Denza general manager Zhao Changjiang.
However, the luxury vehicle will enter a saturated domestic market amid a price war. Overseas, governments are scrutinizing Chinese EVs, blaming Chinese overcapacity for market flooding.
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