Chinese electric vehicle giant BYD said Tuesday that it will launch a new premium electric car brand in the first quarter of 2023.
The premium electric car brand comes under the name Yangwang and its first model is slated to be an off-road vehicle.
Vehicles manufactured under the new brand will be priced between 800,000 and 1.5 million yuan.
After removing gasoline vehicles from its product mix this year, BYD has been able to take advantage of various incentives for electric cars offered by China’s central and local governments.
The automaker, which produces pure electric cars and plug-in hybrid cars, has topped electric vehicle sales in the world’s largest auto market.
BYD’s sales more than tripled in the first 10 months of this year to 1.4 million, the company’s filings show. This was broadcast by Reuters, Tuesday (8/11).
