China’s BYD Unveils Luxury Electric Car Brand in Shift Upmarket

BYD Co. launched the first of two new luxury electric-vehicle brands it is introducing this year, looking to broaden its rapidly expanding reach by shifting into the premium car segment.

The Shenzhen-based company unveiled its U8 sports utility vehicle, which falls under the Yangwang brand, at a press conference Thursday. BYD said the SUV would be at the “million yuan” level, without providing further details. That would make it one of the most expensive EVs on the road in China. Tesla Inc.’s Model Y SUV has a base price of 288,900 yuan ($42,030).