Denza launched the updated N7 on April 1 at a starting price 20.54 percent lower than its predecessor.

(Image credit: Denza)

Denza, the premium brand of (HKG: 1211, OTCMKTS: BYDDY), announced the order figures for the updated N7 to demonstrate the initial acceptance of the all-electric SUV.

Between 8 pm and 12 am on April 1, the updated N7 received 3,378 orders, Denza announced on Weibo last night.

Denza officially launched the updated N7 at an event in Shenzhen on the evening of April 1 at a starting price of RMB 239,800 ($33,150), which is RMB 62,000, or 20.54 percent, down from RMB 301,800 for its predecessor.

Customers who pay a RMB 2,000 deposit to order the updated N7 on or before May 5 will get RMB 10,000 off the final payment, which means a RMB 8,000 discount.

Owners of the old Denza N7 who buy the updated N7 before May 31 can receive a trade-in subsidy of up to RMB 50,000.

Denza is offering customers a 48-hour hesitation period, after which the vehicle's configuration will not be allowed to be modified and the deposit will be non-refundable.

The Denza N7 is a 5-seat mid-size SUV that was initially launched on July 3, 2023, and was meant to compete with 's (NASDAQ: TSLA) Model Y.

But its sales performance has been lukewarm since its launch, with deliveries topping out at 1,810 units in September 2023 and then at just over 1,000 units in the following three months, according to data compiled by CnEVPost.

In each of the last three months, monthly deliveries of the Denza N7 have been below 500 units.

The entry-level version of the updated Denza N7 measures 4,860 mm in length, 1,935 mm in width and 1,625 mm in height, with a wheelbase of 2,940 mm.

For comparison, the Tesla Model Y is slightly smaller, with length, width and height of 4,750 mm, 1,921 mm and 1,624 mm respectively, and a wheelbase of 2,890 mm.

The updated Denza N7 is offered in four variants with starting prices of RMB 239,800, RMB 259,800, RMB 289,800 and RMB 329,800 respectively.

The Tesla Model Y is offered in three versions in China, all of which saw a price hike of RMB 5,000 on April 1, with the latest starting prices at RMB 263,900, RMB 304,900, and RMB 368,900, respectively.

BYD Denza launches updated N7 SUV with 20.5% lower starting price

($1 = RMB 7.2338)