SHANGHAI (Reuters) - China's BYD launched on Monday a new chassis suspension system as the electric vehicle maker ramps up efforts to move upmarket with premium products.
The system, BYD DiSus Intelligent Body Control System, is similar to the chassis suspension systems available in premium and luxury cars, such as Porsche's Dynamic Chassis Control and Mercedes Benz's Magic Body Control.
The DiSus system will come in three variations and will be used in BYD's luxury off-road SUV Yangwang U8 initially, BYD said in a statement. It will also be available in BYD's Han, Tang and Denza models, it added.
The move underscores a shift for BYD, whose current car products are mostly concentrated in the mass market segment priced under 300,000 yuan ($43,641.44), as it attempts to reach a more upmarket segment with its offerings.
BYD launched its first luxury car brand Yangwang in January with an off-road SUV and a sportscar priced above 1 million yuan.
BYD has benefited from its strategy to use self-developed batteries and powertrain systems. The company last month reported an eleven-fold increase in fourth-quarter profit with 20.4% gross profit margin for automobiles and related products, well above its 3.7% margin in 2021.
($1 = 6.8742 Chinese yuan renminbi)
(Reporting by Zhang Yan, Brenda Goh and Meg Shen, editing by Deepa Babington)