China’s major automaker BYD Co. (BYDDY) has launched a new premium electric SUV, the Denza N7, in order to further boost its presence in the electric vehicle (EV) market. Interestingly, the Denza N7 is positioned as a direct competitor to Tesla’s (TSLA) Model Y and Nio’s (NIO) ES6.
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The model was unveiled yesterday at a former factory in Beijing. Additionally, the company has launched six versions of the model, with prices ranging from 301,800 yuan to 379,800 yuan. Importantly, BYD said it has received more than 20,000 pre-orders for its N7 all-electric SUV, whose delivery is expected to begin in China within two weeks.
The Denza N7 boasts several notable features, including fast battery charging capabilities, in-house driving assist technology, and an augmented reality head-up display. The head-up display projects digital information onto the road ahead of the driver, enhancing the driving experience with relevant information and aiding in navigation.
It is noteworthy that prior to N7, the company debuted two models under its luxurious Yangwang brand—the U8 electric SUV and the all-electric sports car U9—in January 2023. Also, at the Shanghai Auto Show 2023, the company showcased several new models, including the Dynasty B-class pure electric SUV, Song L; the battery electric subcompact hatchback, BYD Seagull; and Chaser 07, a new model of its Ocean series.
Is BYDDY a Good Stock to Buy?
BYD, which is backed by Warren Buffett’s Berkshire Hathaway (BRK.A) (BRK.B), enjoys an impressive market share in China’s domestic market. Moreover, it is making efforts to expand its presence in international markets. Also, the company is cutting prices for some of its vehicles to boost sales. Remarkably, BYD recently reported an impressive performance for June, as vehicle deliveries increased by 89% year-over-year. The stock has gained about 29% since the start of this year.
