Luxury Electric Vehicle

Luxury Electric Vehicle Market Outlook

The global luxury electric vehicle (EV) market is estimated to reach approximately USD 120 billion by 2035, expanding at a compound annual growth rate (CAGR) of 15% from 2025 to 2035. This remarkable growth can be attributed to the increasing consumer demand for sustainable and eco-friendly vehicles, coupled with substantial investments by automotive manufacturers in EV technology. With advancements in battery technology leading to longer ranges and quicker charging times, luxury EVs are becoming more appealing to affluent consumers. Moreover, government incentives and regulations aimed at reducing carbon emissions are further propelling the luxury EV market forward. The growing awareness of climate change among consumers is also influencing purchasing decisions, encouraging a shift towards luxury electric automobiles.

Growth Factor of the Market

The luxury electric vehicle market is significantly driven by several growth factors that are reshaping the automotive landscape. First, the accelerating shift towards sustainability has prompted luxury vehicle manufacturers to innovate and incorporate electric powertrains into their offerings. This transition not only aligns with consumer preferences but also meets regulatory requirements aimed at reducing greenhouse gas emissions. Additionally, advancements in battery technology have led to improved performance metrics for luxury EVs, including enhanced range capabilities and reduced charging times, making them increasingly attractive for luxury consumers. The expansion of charging infrastructure, particularly in urban areas, has also played a pivotal role in making luxury electric vehicles more practical for everyday use. Furthermore, strategic partnerships between car manufacturers and tech companies are fostering innovation in autonomous driving and smart features, adding to the appeal of luxury EVs. Finally, the growing affluent middle class, particularly in emerging markets, is amplifying demand for high-end electric vehicles as they seek modern, cutting-edge automotive solutions.

Key Highlights of the Market

• Projected growth to reach USD 120 billion by 2035 with a CAGR of 15%.
• Increasing government incentives for electric vehicle adoption.
• Technological advancements in battery solutions enhancing range and performance.
• Growing awareness of sustainability and eco-friendly driving among consumers.
• Expansion of charging infrastructures improving accessibility for luxury EVs.

By Vehicle Type

Sedan:

The sedan segment of the luxury electric vehicle market represents a significant portion of overall sales, characterized by sleek designs and advanced features. Luxury electric sedans are typically equipped with high-performance electric drivetrains that provide instant torque and smooth acceleration, appealing to consumers who value both style and performance. Brands like Tesla, BMW, and Mercedes-Benz offer sedans that incorporate cutting-edge technology, including autonomous driving capabilities and premium infotainment systems. The spacious interiors and advanced safety features further enhance the appeal of luxury electric sedans, making them a popular choice among affluent buyers. As consumer preferences shift towards electric alternatives, the sedan segment is expected to see continued growth, particularly as manufacturers release new models designed to cater to the luxury market.

SUV:

The luxury SUV segment is rapidly gaining traction within the electric vehicle market, driven by consumer preference for spacious and versatile vehicles. Luxury electric SUVs provide ample cargo space and advanced safety features, making them ideal for families and individuals who require utility in addition to style. Leading manufacturers are investing in electric SUVs that not only compete in terms of performance but also offer cutting-edge technology and luxurious interiors. Notable entrants in this market include the Tesla Model X, Audi e-Tron, and the Jaguar I-PACE. As the demand for larger vehicles continues to rise, it is anticipated that the luxury electric SUV segment will experience robust growth, appealing to consumers looking for eco-friendly options without compromising on space and comfort.

Coupe:

The luxury electric coupe segment represents a niche yet vibrant part of the luxury EV market, attracting consumers who appreciate performance alongside aesthetics. These vehicles often feature sleek profiles and performance-oriented designs, appealing to driving enthusiasts. Manufacturers like Porsche and Tesla have entered this segment with models that offer rapid acceleration and agile handling. Electric coupes are built to deliver exhilarating driving experiences while maintaining efficiency through electric powertrains. The allure of electric coupes is further enhanced by their potential for minimal maintenance costs compared to traditional gasoline-powered vehicles, making them an attractive option for affluent consumers who value performance and environmental responsibility.

Convertible:

The luxury electric convertible segment is a unique and growing category within the luxury EV market. Convertibles offer a combination of open-air driving experiences with the benefits of electric mobility, attracting consumers seeking a premium lifestyle. While the segment is smaller compared to sedans and SUVs, luxury brands are beginning to explore electric convertibles to tap into this niche market. Advanced engineering allows for powertrains that deliver quiet acceleration and an enjoyable driving experience without compromising performance. As environmental concerns grow and consumers shift preferences towards electric vehicles, we may see more manufacturers introducing electric convertibles, thereby expanding this segment's presence in the luxury electric vehicle market.

Hatchback:

The luxury electric hatchback segment has gained attention for its practical yet stylish approach to electric mobility. These vehicles typically offer compact designs, making them suitable for urban environments and catering to consumers seeking convenient, eco-friendly options. Luxury electric hatchbacks often come equipped with premium features and advanced technology, appealing to tech-savvy buyers. Brands like BMW and Audi are leading the way in this segment, focusing on delivering a combination of performance, efficiency, and luxury. As urban populations grow and the demand for smaller, more efficient vehicles increases, the hatchback segment is poised for growth, especially among environmentally conscious consumers who value innovation in design.

By Battery Type

Lithium-ion:

Lithium-ion batteries are the most prevalent technology used in luxury electric vehicles, known for their high energy density and efficiency. This battery type allows for longer driving ranges and faster charging times, which are critical for luxury EVs. It has become the standard for manufacturers aiming to deliver performance-oriented electric vehicles while maintaining a lightweight structure. Many luxury brands have invested heavily in lithium-ion technology, optimizing battery management systems to enhance performance and longevity. The continuous evolution of lithium-ion battery technology, including improvements in thermal management and energy density, ensures that luxury electric vehicles can meet the growing expectations of consumers. The longevity and reliability of lithium-ion batteries make them a preferred choice, accounting for a substantial share of the luxury electric vehicle market.

Solid-state:

Solid-state batteries represent the next frontier in battery technology, emerging as a transformative solution for luxury electric vehicles. These batteries utilize solid electrolytes instead of liquid, offering numerous advantages, including higher energy density, improved safety, and reduced charging times. For luxury EV manufacturers, solid-state technology can enable the creation of vehicles with longer ranges and enhanced performance attributes. As research and development continue, several luxury automakers are exploring partnerships with battery technology companies to integrate solid-state batteries into their upcoming models. The potential for solid-state batteries to revolutionize the luxury electric vehicle market is significant, making it an exciting development for both manufacturers and consumers who prioritize cutting-edge technology and sustainability.

Nickel-cobalt-aluminum:

Nickel-cobalt-aluminum (NCA) batteries are gaining traction within the luxury electric vehicle segment due to their superior energy density and performance characteristics. These batteries are known to provide excellent thermal stability and longevity, which are critical for high-performance electric vehicles. Luxury brands such as Tesla have adopted NCA technology in their vehicle lineups, highlighting the benefits of faster charging and extended range. The use of NCA batteries allows manufacturers to offer more powerful electric drivetrains without increasing vehicle weight, leading to improved acceleration and overall driving dynamics. As the demand for performance-oriented luxury electric vehicles grows, the adoption of NCA batteries is expected to increase, aligning with the market's push for innovation and excellence in electric automotive technology.

By End User

Individual:

The individual consumer segment is a vital component of the luxury electric vehicle market, consisting of affluent buyers seeking high-end, eco-friendly automotive solutions. These consumers often prioritize performance, luxury features, and brand prestige when selecting their vehicles. Luxury electric vehicles appeal to individuals who want to make a statement about their commitment to sustainability while enjoying the benefits of modern technology. The trend towards owning electric vehicles has been fueled by the desire for reduced environmental impact and the increasing availability of charging infrastructure. As more individuals become conscious of their carbon footprint, the segment is expected to witness significant growth, with manufacturers focusing on personalized offerings to cater to this discerning clientele.

Fleet Operators:

Fleet operators are emerging as a key end user in the luxury electric vehicle market, driven by the need to reduce operational costs and meet sustainability goals. Companies managing luxury vehicle fleets, such as corporate travel services and premium ride-sharing platforms, are increasingly adopting electric vehicles to enhance their service offerings while minimizing environmental impact. The lower maintenance and fuel costs associated with electric vehicles are appealing to fleet operators, allowing them to maintain profitability. As government regulations become stricter regarding emissions, fleet operators are incentivized to transition to electric vehicles, creating a growing market for luxury electric options. The shift toward electrification in fleet services is likely to accelerate, as companies seek to align with consumer preferences for sustainability and innovation.

Car Rental Companies:

Car rental companies are beginning to recognize the advantages of incorporating luxury electric vehicles into their fleets. This segment is growing as rental firms look to attract environmentally conscious travelers who seek premium experiences. Luxury EVs provide rental companies with a unique proposition, allowing them to differentiate their offerings and cater to a niche market segment. By offering electric vehicles, these companies can enhance their reputations and appeal to customers who prioritize sustainability when traveling. Moreover, with advancements in charging infrastructure, car rental agencies can efficiently manage their fleets and ensure that luxury electric vehicles are readily available for customers. As the trend toward sustainable travel grows, the inclusion of luxury electric vehicles in rental fleets is expected to increase significantly.

Government:

Government agencies are an important end user of luxury electric vehicles, particularly for official fleets and high-profile transportation needs. Many governments are making commitments to sustainability and reducing emissions, prompting the adoption of electric vehicles within their operations. Luxury electric vehicles serve as a statement of intent, showcasing a commitment to green initiatives while providing officials with high-performance and comfortable transportation options. Additionally, governments are often at the forefront of developing policies that encourage electric vehicle adoption, such as tax incentives and subsidies. By integrating luxury electric vehicles into their fleets, government bodies can set an example for citizens and businesses alike, further promoting the broader adoption of electric mobility solutions.

By Sales Channel

OEMs:

Original Equipment Manufacturers (OEMs) are foundational to the luxury electric vehicle market, as they design, manufacture, and sell vehicles directly to consumers. These manufacturers play a pivotal role in shaping the market landscape by introducing innovative technologies and luxury features that cater to high-end buyers. OEMs often invest significantly in research and development to create electric vehicles that combine performance, style, and advanced technology. In this competitive environment, luxury brands are focusing on establishing strong brand identities while ensuring that their electric offerings meet the evolving expectations of modern consumers. As the market grows, OEMs are likely to enhance their electric vehicle portfolios, reinforcing their positions as leaders in the luxury segment.

Dealerships:

Dealerships act as crucial intermediaries in the luxury electric vehicle market, providing a physical presence for consumers to explore, test drive, and purchase vehicles. These establishments often offer personalized experiences and expert guidance for potential buyers, emphasizing the luxurious nature of the vehicles they sell. Luxury electric vehicle dealerships are focusing on creating immersive customer experiences, showcasing the latest technology and features that set electric vehicles apart from traditional options. Additionally, dealerships play a vital role in educating consumers about the benefits of electric mobility, helping to address concerns regarding charging infrastructure and range anxiety. As the demand for luxury EVs continues to rise, dealerships will adapt their strategies to meet consumer expectations and market trends.

Online Retail:

Online retail is becoming an increasingly popular sales channel for luxury electric vehicles, reflecting the broader shift towards e-commerce across industries. Many luxury brands are launching online platforms that enable consumers to customize and order vehicles directly from their websites. This approach allows customers to explore various configurations and options in a convenient and streamlined manner. The online retail model also caters to the growing demand for contactless shopping experiences, especially in the wake of the pandemic. By reducing the reliance on physical showrooms, manufacturers can reach a wider audience and cater to tech-savvy consumers who prefer the convenience of online transactions. The rise of online retail in the luxury electric vehicle market is expected to transform how consumers engage with brands, leading to increased sales and customer satisfaction.

By Region

The North American luxury electric vehicle market is robust, driven by significant investments from automakers and a growing consumer base that values sustainability and advanced technology. The region is projected to capture a large share of the market, with an expected CAGR of 14% from 2025 to 2035. The presence of major manufacturers, coupled with government incentives supporting EV adoption, has fostered a conducive environment for growth. Furthermore, as charging infrastructure continues to expand and evolve, luxury electric vehicles are becoming more accessible to consumers across the region. The United States and Canada are leading this growth, with increasing consumer awareness and interest in luxury EVs, further propelling the market forward.

In Europe, the luxury electric vehicle market is experiencing explosive growth, driven by stringent emissions regulations and a strong commitment to sustainability among consumers. The European Union's aggressive targets for reducing greenhouse gas emissions are pushing automakers to accelerate their electrification strategies. With a forecasted CAGR of 16% from 2025 to 2035, Europe is poised to be a leader in luxury electric vehicle sales. Countries such as Germany, Norway, and the UK are at the forefront of this movement, with well-established charging networks and significant government incentives for electric vehicle purchases. As consumer preferences shift towards environmentally friendly options, the European luxury electric vehicle market is expected to flourish.

Opportunities

The luxury electric vehicle market is poised for significant opportunities as consumer preferences shift towards eco-friendly solutions. With an increasing number of affluent consumers prioritizing sustainability, luxury brands have a unique opportunity to differentiate themselves by offering electric models that align with these values. Additionally, the expansion of charging infrastructure in urban areas presents a tremendous chance for manufacturers to promote their electric vehicles as practical and convenient alternatives to traditional gasoline-powered cars. As the technology continues to improve, offering longer ranges and faster charging times, luxury automakers can effectively address consumer concerns regarding range anxiety. There's also the potential for collaboration between luxury brands and tech companies, leading to innovative features related to connectivity and autonomous driving that would further enhance the appeal of luxury electric vehicles. Overall, the combination of consumer demand and technological advancements creates a fertile ground for growth opportunities in the luxury electric vehicle market.

Furthermore, the increasing focus on corporate social responsibility among businesses presents a substantial opportunity for luxury electric vehicles in fleet operations. As companies seek to minimize their environmental impact, adopting electric vehicles for corporate fleets can enhance their brand image while reducing operational costs. Luxury electric vehicles are particularly appealing for organizations looking to offer premium transportation options to their executives or clients. Additionally, international markets, especially in Asia-Pacific and Latin America, are witnessing a rise in affluent middle-class consumers, creating new avenues for growth. As more luxury automakers expand their global footprints, they can tap into these emerging markets, offering electric vehicles that cater to the unique preferences and demands of these regions.

Threats

Despite its promising trajectory, the luxury electric vehicle market faces several threats that could potentially hinder growth. One of the primary threats is the intense competition from both established automotive manufacturers and new entrants in the electric vehicle space. As more players enter the market, luxury brands may face pressure to reduce prices or enhance features, which could impact profitability. Additionally, fluctuating raw material costs, particularly for batteries, pose a significant challenge to manufacturers. The reliance on materials like lithium and cobalt can lead to supply chain disruptions, impacting vehicle production and ultimately affecting market stability. Furthermore, any changes in government incentives or policies related to electric vehicles could impact consumer purchasing decisions and enthusiasm for luxury EVs. These external factors must be navigated carefully as the market evolves.

Another critical consideration for the luxury electric vehicle market is consumer acceptance and education. Despite the growing awareness of electric vehicles, some consumers may still have reservations about transitioning from traditional gasoline-powered cars. Misconceptions about charging infrastructure, range limitations, and maintenance costs can act as barriers to adoption. Moreover, the market's reliance on technological advancements means that any setbacks in battery technology or charging infrastructure development could slow progress. Addressing these challenges requires comprehensive marketing strategies and consumer education initiatives to build trust and confidence in the benefits of luxury electric vehicles.

Competitor Outlook

• Tesla
• BMW
• Mercedes-Benz
• Audi
• Porsche
• Lucid Motors
• Jaguar Land Rover
• Rivian
• Volvo
• Ford
• Polestar
• Kia
• Hyundai
• Fisker Inc.
• BYD

The competitive landscape of the luxury electric vehicle market is highly dynamic, characterized by both established automotive giants and emerging players striving to capture market share. Tesla remains a dominant force, leading the way with its innovative approach to electric mobility and cutting-edge technology. The brand's focus on high performance, extensive range, and a robust charging network has solidified its position in the luxury segment. Other traditional luxury brands, such as BMW, Mercedes-Benz, and Audi, are rapidly expanding their electric offerings to meet consumer demands, leveraging their reputations for quality and performance to attract discerning buyers. This competition drives innovation, with manufacturers continually enhancing battery technology, autonomous features, and overall vehicle design.

Emerging companies like Lucid Motors and Rivian are also making waves in the luxury electric vehicle sector, focusing on high-end performance and unique designs that appeal to affluent consumers. These new entrants are challenging established brands, pushing them to innovate and differentiate their offerings. The emphasis on sustainability and eco-friendly practices is becoming increasingly central to marketing strategies across the board, with companies seeking to align their brand image with socially responsible practices. Additionally, collaborations between automotive manufacturers and technology firms are becoming more common, leading to advancements in connected vehicle technology and autonomous driving capabilities. This collaborative approach is crucial as the market shifts towards an increased focus on innovation and technology.

Among the major players, BMW is actively reinforcing its position in the luxury electric vehicle market with its i-Series lineup, which includes models like the i4 and iX. The company is heavily investing in battery technology and charging infrastructure to enhance the consumer experience. Mercedes-Benz, on the other hand, is pursuing a strategy to electrify its entire vehicle portfolio, emphasizing luxury and performance while committing to sustainable practices. The EQ lineup, which includes models like the EQS and EQB, combines advanced technology with the brand's signature luxury. Audi’s e-Tron series is also gaining traction, representing a shift towards electric mobility without compromising on the brand's luxury image. Overall, the competitive landscape is evolving rapidly, and continuous innovation will be key to maintaining a strong position in the luxury electric vehicle market.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 BMW
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 BYD
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Kia
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Audi
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Ford
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Tesla
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Volvo
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Rivian
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Hyundai
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Porsche
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Polestar
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Fisker Inc.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Lucid Motors
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Mercedes-Benz
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Jaguar Land Rover
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Luxury Electric Vehicle Market, By End User
    • 6.1.1 Individual
    • 6.1.2 Fleet Operators
    • 6.1.3 Car Rental Companies
    • 6.1.4 Government
  • 6.2 Luxury Electric Vehicle Market, By Battery Type
    • 6.2.1 Lithium-ion
    • 6.2.2 Solid-state
    • 6.2.3 Nickel-cobalt-aluminum
  • 6.3 Luxury Electric Vehicle Market, By Vehicle Type
    • 6.3.1 Sedan
    • 6.3.2 SUV
    • 6.3.3 Coupe
    • 6.3.4 Convertible
    • 6.3.5 Hatchback

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Luxury Electric Vehicle Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Luxury Electric Vehicle market is categorized based on

By Vehicle Type

• Sedan
• SUV
• Coupe
• Convertible
• Hatchback

By Battery Type

• Lithium-ion
• Solid-state
• Nickel-cobalt-aluminum

By End User

• Individual
• Fleet Operators
• Car Rental Companies
• Government

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Tesla
• BMW
• Mercedes-Benz
• Audi
• Porsche
• Lucid Motors
• Jaguar Land Rover
• Rivian
• Volvo
• Ford
• Polestar
• Kia
• Hyundai
• Fisker Inc.
• BYD