SHANGHAI -- BYD said on Tuesday it would launch a new premium brand in the first quarter of 2023 under the name Yangwang, with the first model slated to be an off-road vehicle.
Vehicles produced under the new brand will be priced at between 800,000 and 1.5 million yuan, BYD added.
BYD, which ditched gasoline vehicles from its product mix this year, has been able to capitalize on a range of incentives for electric vehicles offered by the Chinese central government and local governments.
The automaker, which produces both pure electric and plug-in hybrid cars, has topped electric vehicle sales in the world's biggest auto market, with sales more than tripling in the first 10 months of this year to 1.4 million, company filings show.
