Warren Buffett Backed BYD Showcases Premium Electric Car Brand

BYD Co, Ltd BYDDF BYDDY launched the first of two new luxury electric-vehicle brands it is introducing this year, reflecting its focus on the premium segment.
Warren Buffett-backed EV maker showcased its U8 sports utility vehicle under the Yangwang brand, Bloomberg reports.
BYD said the SUV would be at the "million yuan" level, making it one of the most expensive EVs in China.
BYD also revealed a luxury electric sports sedan, the U9.
Tesla Inc's TSLA Model Y SUV has a base price of 288,900 yuan ($42,030).
Tesla churned out around 70,000 luxury EVs a month from its factory in Shanghai.
BYD said the U8 has four electric motors and the automaker's signature blade batteries, and it can drive in water in emergencies.
BYD's sales of new-energy vehicles climbed to 1.86 million last year from about 604,000 in 2021 despite China's Covid resurgence.
In December, BYD curtailed output by at least 2,000 cars a day, and 20% - 30% of employees were unable to work. Sales of its pure-electric cars fell month-on-month in December for the first time since February.
China's Passenger Car Association estimates 6.5 million EVs were sold last year and predicts that figure could rise to at least 8.4 million in 2023.
BYD is "resilient thanks to long order backlogs and a stable supply chain," said Jing Yang of Fitch Ratings Inc. "We look forward to BYD's overseas expansion and the new brands to be launched in 2023, which should enhance value."