UK Investing reported how Tesla’s rival, BYD Manufacturing Co. Ltd., showcased its new ultra-luxury Yangwang U8 extended-range EV and its revolutionary ability to make a tank-turn.
The Yangwang U8, an electric vehicle (EV) first announced in January, was officially launched in late September by Shenzhen-based automaker BYD. The company has positioned the new model as a high-end offering, with a price tag set at 1.098 million yuan ($150,170). The first deliveries of the Yangwang U8 are expected to commence in October.
Among the EV’s distinguished features are its impressive range of up to 1,000 km, “all-terrain tank turns,” tire blowout stabilization, and emergency flotation. The U8 Premium Edition boasts an incredible 1,200 horsepower, capable of accelerating from 0 to 100 km/h in a mere 3.6 seconds, as unveiled during the official launch event.
BYD is a key player in the electric vehicle market in China and is making its mark on the global stage as well. In September, the company reported the sale of 286,903 new-energy vehicles, a term encompassing both pure electric vehicles and hybrids. Among these, pure battery EVs accounted for 151,193 unit sales.
In contrast, Tesla, which exclusively sells battery EVs, delivered 74,073 made-in-China vehicles within the same month. Of that total, 43,507 EVs were purchased in China, with the rest exported.
The Rise of BYD EV vs Tesla
Riding on the wave of strong sales and efficient cost management, BYD anticipates a robust rise in its third-quarter profits. Preempting the official release, the company shared in a filing last week that it expects a 67%-102% year-over-year increase, reaching between 9.55 billion yuan and 11.55 billion yuan.
The EV revolution is gaining momentum globally, with regions like California setting ambitious targets for the transition to EVs. The U.S. state has set 2035 as the deadline for all new vehicles sold within its borders to be electric.
As for BYD’s performance on the stock market, its over-the-counter American Depositary Receipts (ADRs) in the U.S. saw a 1.41% increase, closing Tuesday’s session at $63.13, according to Benzinga Pro data.
According to Benzinga, The Chinese firm recently received commendations from California Governor Gavin Newsom during his visit to the country. Notably, Newsom, a member of the Democratic party, visited Shenzhen on Tuesday where he had the opportunity to test drive BYD’s ultra-luxury Yangwang U8 extended-range EV, as reported by CnEVPost via a local Shenzhen media outlet.
“This is another leap in the technology, I mean, next level leap.”
California Governor Gavin Newsom via Benzinga
During his test drive, Newsom had the chance to experience the vehicle’s innovative “tank turn” feature, which enables the electric SUV to complete a full 360-degree turn by driving the wheels on one side of the vehicle forward while reversing the wheels on the other side.