Yangwang U8 went on sale on September 20 with a starting price of RMB 1,098,000 and deliveries will begin in October.

(Image credit: CnEVPost)

Yangwang has seen thousands of firm orders for its first production model, the Yangwang U8, as BYD (OTCMKTS: BYDDY) enters China's ultra-luxury car market.

From April 18, when pre-sales began on the first day of the Shanghai auto show, to October 6, the Yangwang U8 has received more than 4,000 firm orders, local media outlet Jiemian said in a report yesterday, citing a salespeople of the brand.

BYD officially launched the Yangwang brand on Jan 5 and began pre-sales of the U8 on April 18 at a pre-sale price of RMB 1,098,000 ($150,550), making it the most expensive model under the BYD umbrella.

On September 20, Yangwang official launched the U8's Premium Edition, with a starting price of RMB 1,098,000 as in the pre-sale, and deliveries is expected to begin in October.

On September 28, Yangwang's first offline store opened in Shanghai, located in the city's bustling business district and tourist destination, the Bund.

A Jiemian reporter visited the store recently and said it attracted many tourists during China's National Day holiday. Th holiday was from September 29 to October 6.

The salesperson said he received no less than 20 groups per day at the store during the just-ended holiday, according to Jiemian.

Despite the end of the holiday, there were still a lot of customers coming to the store to see the car, with five groups of customers coming to the store to experience the show car in 20 minutes, which the store's about five salespeople have been receiving, according to the report.

The Yangwang U8 meets expectations in terms of intelligence as well as technological features at an acceptable price, the report said, citing an intended buyer of the model.

The Yangwang U8 targets the hardcore off-road market, with its main competitors being the Range Rover and Mercedes-Benz G-Class, which start at RMB 1,428,000 and RMB 1,424,800, respectively, in China.

In the first seven months of this year, cumulative sales of the Range Rover and Mercedes-Benz G-Class totaled 14,000 and 4,932 units, up 37 percent and 67 percent year-on-year, respectively, Jiemian's report noted.

The Yangwang U8 is available in two versions -- the Premium Edition and the Off-road Master Edition. They are priced the same in pre-sale, with the difference being that the former comes with more features and the latter has more room for modifications.

The official price and launch date of the Off-road Master Edition have yet to be announced.

Unlike the dealer sales model used by Shenzhen-based BYD, Yangwang will adopt the direct sales model currently used by major new car makers.

Yangwang has more than 70 stores under construction and will open more than 90 directly-managed stores in more than 40 cities in China within the year, the brand said last month.

($1 = RMB 7.2934)

BYD Yangwang's 1st store opens in Shanghai, aims to have over 90 in China by year-end