BYD unveils premium Sea Lion brand, mid-sized, full-electric SUV, in challenge to Tesla in China’s luxury car market

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BYD launches premium brand Sea Lion and under it, a sport-utility vehicle model Sea Lion 07 to take on Tesla’s Shanghai-made Model Y, which has been around since 2021

BYD dethroned Tesla as the world’s largest EV maker last year, but most of its pure electric and plug-in hybrid cars target low- and middle-income wage earners

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A person works in BYD electric cars factory in Changzhou, Jiangsu Province, China. Photo:EPA-EFE

Daniel Renin Shanghai

Published: 8:01pm, 20 Nov 2023

New launches by BYD, the world’s largest electric vehicle (EV) maker, targeting established models by Tesla, leader in China’s premium EV segment, are expected to intensify competition in the world’s largest auto market, analysts said.

Shenzhen-based BYD launched its new premium brand Sea Lion and under it, a sport-utility vehicle (SUV) model named Sea Lion 07 on Friday, to take on the US carmaker’s Shanghai-made Model Y, which has been around since 2021.

Although BYD did not say that the Sea Lion series would take on Tesla or its products, analysts were quick to note that the model would target the same market segment.

“It will become a tit-for-tat race when BYD builds vehicles similar to Tesla’s Model 3 and Model Y,” said Chen Jinzhu, chief executive of consultancy Shanghai Mingliang Auto Service. “It will be a stern challenge for Tesla because BYD now enjoys a cost advantage over its US rival.”

A BYD Co. Sea Lion SUV on display at the Guangzhou Auto Show in Guangzhou, China, on Friday, Nov. 17, 2023. China is the world’s largest electric vehicle market. Photo: Bloomberg

BYD, backed by Berkshire Hathaway, the investment firm owned by Warren Buffett, unveiled the Sea Lion 07, a full-electric SUV to be priced between 200,000 yuan (US$27,879) and 260,000 yuan, at the Guangzhou Auto Show that began on Friday.