BYD Plans Luxury EV Push, Vowing to Take Leading Position After Topping Tesla in Sales
• BYD outlined plans to launch new upscale EV models across 3 brands, aiming to take a "leading position" in the luxury EV market after passing Tesla in sales.
• BYD cites success of its Yangwang U8 luxury SUV as evidence of demand for premium Chinese EVs. The U8 is expected to be China's top-selling $140K+ EV for January.
• BYD plans to continue buying back its shares to boost investor confidence, despite costs of new product launches and European expansion.
• BYD has 90,000 engineers in R&D to power its product offensive, nearly 2/3 of Tesla's entire workforce.
• BYD shares have dropped 35% over the past year, falling from 3rd most valuable carmaker by market cap to 7th.