Chinese carmaker BYD Co. Ltd. has unveiled its first luxury brand of electric vehicles (EV), joining its peers in efforts to impress wealthy domestic buyers who have long preferred foreign brands like BMW and Mercedes-Benz.
Chinese electric vehicle giant BYD said on Tuesday it would launch a new premium brand in the first quarter of 2023 under the name Yangwang, with its 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.
Having ditched gasoline vehicles from its product mix this year, BYD has been able to capitalise on a range of incentives for electric cars offered by the Chinese central government and local governments.
