Denza, the luxury brand under BYD (HKG: 1211, OTCMKTS: BYDDY), unveils the order statistics for its revamped N7 electric SUV, highlighting a strong initial response from consumers.
Between 8 pm and 12 am on April 1, Denza announced via Weibo that the updated N7 secured 3,378 orders, signaling a promising start for the all-electric SUV.
The refreshed N7 made its debut at an event in Shenzhen on April 1, boasting a starting price of RMB 239,800 ($33,150), marking a significant reduction of RMB 62,000, or 20.54 percent, from its predecessor.
Early adopters who place a RMB 2,000 deposit by May 5 will enjoy a RMB 10,000 discount on the final payment, translating to an RMB 8,000 saving. Moreover, existing Denza N7 owners can receive a trade-in subsidy of up to RMB 50,000 when upgrading to the updated model before May 31.
Denza also introduces a 48-hour hesitation period, during which customers can adjust the vehicle’s configuration. After this period, deposits become non-refundable.
Originally launched on July 3, 2023, the Denza N7 initially aimed to rival Tesla’s (NASDAQ: TSLA) Model Y. However, its sales performance has been modest, with monthly deliveries fluctuating around 1,000 units, according to data from CnEVPost.
The updated Denza N7 comes in four variants, with starting prices ranging from RMB 239,800 to RMB 329,800. In comparison, Tesla’s Model Y, available in three versions in China, recently saw a price increase of RMB 5,000, with starting prices now ranging from RMB 263,900 to RMB 368,900.
With a blend of competitive pricing and enhanced features, Denza aims to strengthen its position in the electric SUV market, catering to discerning consumers seeking luxury and performance.
($1 = RMB 7.2338)
