Guangzhou, May 18 (Reuters) - BYD on Monday launched an upgraded version of its flagship SUV under the Denza brand at a 5% higher starting price as China's largest electric vehicle maker shifts away from its low-cost image and enhances profitability.
Li Hui, general manager of the Denza brand, said during an event attended by car owners and social media influencers in Guangzhou that the revamped model offers over 100 upgrades, including extended battery range and a fast-charging capability that BYD
had previously described as setting "an industry benchmark."
The new version of the Denza N9 plug-in hybrid SUV will start at 409,800 yuan ($60,265), up from the 389,900-yuan base price of its predecessor launched 14 months ago.
Including Denza, "China's new energy luxury brands have firmly positioned themselves at the center of the global luxury market," Li said, adding that 70% of Denza D9 buyers were former owners of BMW, Mercedes-Benz, or Audi vehicles in China.
Chinese automakers are gaining market share in the premium segment of the world's largest car market, driven by technology advancements that affluent Chinese consumers increasingly favor over German-engineered alternatives.
Originally a 50-50 joint venture between BYD and Mercedes-Benz, BYD gained full ownership of the Denza brand after Mercedes-Benz gradually scaled back and exited the partnership in 2024 when the brand's sales were largely boosted by the D9 multipurpose vehicle (MPV), a competitor to Toyota's Alphard.
The MPV remains Denza's best-selling model and accounted for 45% of its total retail sales in China in April, according to data from DCar, an information and trading platform.
However, competition from homegrown brands such as Zeekr and Voyah has weighed on sales, with DCar data showing Denza's retail sales in China slumped by 41.5% in the first four months compared to the same period a year earlier.
BYD is betting on Denza to grow its high-margin export strategy. The automaker introduced the Denza brand in Europe with a high-profile event at Paris' Palais Garnier in April and enlisted British actor Daniel Craig to promote the brand.
($1 = 6.8000 Chinese yuan renminbi)
(Reporting by Zhang Yan, Jumin Park; Editing by Aurora Ellis)
