The electric-vehicle leader in China is launching more EVs, and Elon Musk isn’t involved.
BYD
(ticker: 1211.Hong Kong) is a larger seller of EVs in China than
Tesla
(TSLA), which is the biggest EV maker world wide. And BYD had more EVs for Chinese car buyers to review at the Shanghai Auto Show.
Auto shows are always a good time for car companies to reveal products and cool technology. The Shanghai Show started Tuesday and led, of course, to a flurry of announcements about new vehicles, vehicle electrification, and self-driving car technology.
BYD introduced the Yangwang U8, an SUV that will be available as an all-battery electric, or BEV, model and as a plug-in hybrid, or PHEV, model. This is a pricy vehicle starting around $160,000.
BYD had other new options at different prices. The Sea Gull, for instance, is a new BEV starting at about $11,500.
The Chinese EV maker
NIO
(ticker:
NIO
), Volkswagen (ticker: VOW3.Germany), Ford Motor (F), and Luminar Technologies (LAZR) also made announcements.
NIO, which makes higher-end cars, said on Tuesday that its new ES6 is an SUV. Initial deliveries are slated for May and pricing is expected to start at around $58,000. For comparison, a Tesla Model Y in China starts at about $38,000.
NIO also announced upgrades to its ET7 sedan, which starts at about $67,000.
Monday, VW unveiled its all-electric ID.7 sedan. The ID.7 will get more than 400 miles per charge, depending on the version selected. It also comes with the latest fast-charging technology, which can deliver 100 miles of range in minutes.
“With the ID.7 we are taking the next step in our electric offensive. The ID.7 offers a high level of comfort and long ranges,” said Thomas Schäfer, CEO of
Volkswagen
Passenger Cars, in a news release. “By 2026, we will offer the broadest electric vehicle range of all manufacturers in Europe—from the entry-level model for less than 25,000 euros up to the ID.7 as the new top model within the EV family.”
The ID.7 is slated to be released in China and Europe in late 2023. The plan is for it to reach the U.S. in 2024.
Ford also unveiled its 2024 Lincoln
Nautilus
midsize SUV on Monday. It isn’t an all-electric offering, but comes in conventional and hybrid-electric versions.
The Nautilus will come with the latest version of Ford’s hands-free driver assistance technology, called BlueCruise. The car should be in North American showrooms in early 2024.
Autonomous driving technology company Luminar also had an announcement for the Shanghai show on Monday as well. Volvo launched a four-seat version of its EX90 battery electric EV called the EX90 Excellence. That vehicle will come with Luminar Lidar standard.
Lidar is essentially laser-based radar and functions as a set of eyes for a vehicle. Lidar enables higher-functioning driver assistance tools and is seen as a key technology that can one day enable truly self-driving cars.
This is just the start of product launches and announcements at the Shanghai show. Investors can check back later for more news.
Volkswagen stock was down 0.1% in overseas trading Monday. Luminar rose 3.5% Monday, with most of that gain coming after the EX90 announcement. Ford shares rose 1.3%. The
S&P 500
and
Dow Jones Industrial Average
both rose about 0.3%.
NIO’s U.S. listed American depositary receipts, or ADRs, dropped 3.7% Tuesday. Investors might have reacted to comments from CEO William Li that he doesn’t believe he needs to match
Tesla
(TSLA) price cuts.
BYD shares were down 1% in overseas trading Wednesday.
Write to Al Root at allen.root@dowjones.com
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