(Yicai) July 30 -- Fang Cheng Bao, the luxury electric car brand of BYD, said it will cut the price of its plug-in hybrid sport utility vehicle model by CNY50,000 (USD6,895) to boost sales.

The price of Fang Cheng Bao's plug-in hybrid mid-size SUV, the Bao 5, will be slashed to CNY239,800 (USD33,055), the brand announced yesterday.

Sales of Fang Cheng Bao models reached 18,000 units in the six months ending June 30, according to its data.

The brand's sales were middling in the first half of this year, so BYD's management adjusted prices, a sales staff at a direct-sales store told Yicai.

Sales in the mid-size SUV market in China rose, but prices fell, with more autos priced from CNY200,000 to CNY300,000. Considering its situation and market condition, Fang Cheng Bao plans to broaden the price zone's width and continue cutting prices.

Fang Cheng Bao added dealer franchising as a sales channel last month, noted Li Yanwei, an expert at the China Automobile Dealers Association. The brand has low sales and high prices, and cities with customers capable of buying its products are a handful, Li said, adding that dealers have higher risks when investing in building physical stores for brands with low sales.

Dealers of luxury and joint venture brands were mainly among those who applied to become Fang Cheng Bao dealers, data from the brand showed, without disclosing how many dealers were approved.

Fang Cheng Bao plans to unveil another medium and large-size SUV this quarter to consolidate electric off-road lineups. It also intends to shift to products closer to the mainstream market from niche personalized ones, introducing Roadster and other types.

Editors: Shi Yi, Martin Kadiev