BYD Automobile, a China-based electric vehicle (EV) manufacturer, announced that it will launch two new EV brands in the first quarter of 2023.
BYD Founder and CEO, Wang Chuanfu plans to launch two new EV brands, namely Yangwang, and one other whose name is withheld.
In February last year, BYD first confirmed its plans to launch a high-end car brand when adjusting the organizational structure of its car business.
Meanwhile, the general manager of BYD’s automotive branding and public relations division, Li Yunfei, last May gave an update on the high-end EV brand.
According to Li, Yangwang’s premium EV will be equipped with the latest advanced technology with a modern design.
“We’re not entirely sure, but ultimately the Yangwang EV may become a competitor to the equivalent Mercedes-Benz EQG all-electric G-Class,” said Li.
For its price range, Li estimates Yangwang’s premium EV will be priced between 800,000 yuan to 1.5 million yuan.
Apart from Yangwang, BYD is also preparing another undisclosed brand, which will also be present early next year.
“BYD will also release a new brand based on a very professional and personal identity, to meet the demands of diverse consumers. The brand will utilize co-creation with users and warmly welcomes all franchised dealers to join BYD in its promotion,” the company said.
As is known, BYD is one of the largest pure electric car manufacturers and plug-in hybrids in the world.
BYD has also become Asia’s largest electric car maker today, beating big Japanese automakers such as Toyota.
At the end of last October, BYD announced that third quarter 2022 net profit jumped by 350 percent compared to last year.
Quoting from Reuters, the car manufacturer recorded a net profit of US$788 million in the third quarter of this year.
Meanwhile, the net profit earned by BYD in the period from January to September this year increased by around 281 percent.
Previously, BYD celebrated a milestone of 3 million units of new-energy vehicle production. From January to October 2022, sales of new energy vehicles from the Shenzhen-based automaker jumped 240 percent annually to 1.39 million units. It is known that BYD will stop production of conventional gasoline-fueled vehicles in March 2022.
