's Yangwang U8, which costs more than RMB 1 million, has gone into production with over 30,000 orders, according to a local media report.

(Yangwang U8. Image credit: CnEVPost)

The U8, the first production vehicle from BYD's (OTCMKTS: BYDDY) premium brand Yangwang, has reportedly garnered tens of thousands of orders, despite the model's price tag of more than RMB 1 million ($137,000).

BYD's premium new energy vehicle (NEV) model, the Yangwang U8, has gone into production with more than 30,000 orders, Shaanxi Daily said in an October 20 report.

The report did not go into further detail, including whether those orders were for refundable or non-refundable deposits.

BYD has built the world's largest NEV production base and a complete industrial chain and supply chain system in Shaanxi, the Shaanxi Daily report said.

Between January and September, Shaanxi produced 723,000 NEVs, one of the highest in China, up 42.1 percent year-on-year, the report said.

One out of every eight NEVs sold in China was produced in Shaanxi, the report noted.

On January 5, BYD officially launched the Yangwang brand and unveiled its first two models -- the Yangwang U8 off-road SUV and Yangwang U9 supercar.

The U8, the Yangwang brand's first production model, went on pre-sale on April 18, the first day of the Shanghai auto show, and was officially launched on September 20 with a starting price of RMB 1,098,000, with deliveries expected to begin later this month.

The Yangwang U8 is being built at one of BYD's production bases in Xi'an, Shaanxi province, the model's filing showed.

On October 8, local media outlet Jiemian reported that the Yangwang U8 had received more than 4,000 firm orders from April 18, when pre-sales began, to October 6.

Yangwang is building a direct sales system, unlike BYD's dealer model.

Yangwang's first offline store opened in Shanghai on September 28, located in the city's bustling business district and tourist destination, the Bund.

Yangwang has more than 70 stores under construction and will open more than 90 directly-managed stores in more than 40 Chinese cities within the year, the brand said last month.

($1 = RMB 7.3164)

BYD Yangwang's 1st model U8 officially launched for $150,600