China’s largest electric cars manufacturer, BYD, announced that it would launch a new luxury brand called Yangwang in the first quarter of 2023, with the initial model being an off-road vehicle.
BYD said that vehicles sold under the new brand will cost between 800,000 and 1.5 million yuan ($110,287-$206,763).
BYD has been able to capitalize on a variety of incentives for electric vehicles granted by the Chinese central government and local governments after eliminating gasoline vehicles from its product mix this year.
According to company filings, the electric vehicle giant, which produces both pure electric and plug-in hybrid vehicles, has topped electric vehicle sales in the world’s largest auto market, with sales more than tripling to 1.4 million in the first ten months of this year.
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