#CryptoMarketCapBackTo$3T
China’s BYD shows off new sports car amid tight competition with Tesla as Elon prepares to return
China’s BYD launched a new high-end sports car called the Denza Z on Wednesday at Auto Shanghai, going after the same luxury segment owned by Porsche and Mercedes.
The car sat under a black cover on the show floor before being unveiled. Wang Chuanfu, the company’s founder, stood nearby with his team, beaming as they watched the awed crowd.
The announcement happened at China’s largest auto show in Shanghai, where dozens of carmakers, both local and foreign, are fighting for space in a brutally competitive market.
The 10-day show is where the strongest players in China’s EV scene come to prove they’re not just fast but dominant. BYD is already the top EV brand in China, with most of its cars sold domestically. It also overtook Tesla in global sales last year.
People visit the booth of Denza at the Auto Shanghai show in Shanghai, China, on Wednesday. Source: Go Nakamura/Reuters
BYD expands luxury reach as Tesla struggles with trade war
Tesla released its latest financial results on Tuesday, reporting a 9% drop in revenue, a 20% fall in vehicle sales, and a 71% crash in net income from the same time last year. The drop came as Trump’s new tariffs made things worse for carmakers importing into the U.S.
While Elon was dealing with that, BYD was stacking wins. The Denza Z had already been leaked online earlier this year. On Wednesday, it was finally shown in full.
A BYD rep said the car would be loaded with high-end features and advanced tech. The Denza brand started as a joint effort with Mercedes-Benz, but it’s now 100% controlled by BYD. Earlier this month, they launched it in Europe.
The company’s core line focuses on cheaper EVs and hybrids. But Denza pushes them into the luxury category. Analysts say that shows how deep their pockets go.
A picture of the Denza Z on display. Source: Marc Stewart/CNN.