(Yicai Global) July 5 -- Denza, the carmaking joint venture between Chinese new energy vehicle giant BYD and German auto manufacturer Daimler, has released its first all-electric sports utility vehicle, the N7.

The N7 aims to achieve sales of 10,000 units a month in the second half, and to seize between 10 percent and 20 percent market share in China’s premium SUV market, Zhao Changjiang, Denza’s general manager, told Yicai Global.

Priced between CNY301,800 (USD41,735) and CNY378,900, the N7 was released on July 3 and is the second model rolled out by the JV since BYD took control in late 2021.

The D9, a new energy multi-purpose vehicle priced at around CNY400,000, was launched in September last year and sales have stayed above 10,000 units a month for four consecutive months.

By comparison, Denza’s main competitors in the high-end electric SUV market, Li Auto and Nio, sold 32,575 and 10,707 units respectively in June.

Denza aims to reach monthly sales of between 50,000 and 60,000 units by 2025, and will launch at least five new models in the next three years, Zhao said. Denza’s product pricing will remain above CNY300,000 (USD41,400), so there will be no competition with Shenzhen-based BYD, he added.

Set up in 2010, Baden-Württemberg-based Daimler sold a 40 percent stake to BYD in December 2021 due to the sluggish sales at the time and remains with 10 percent equity.

Editors: Dou Shicong, Kim Taylor