BYD, a leading manufacturer of electric vehicles in China, said on Tuesday that it will introduce Yangwang, a new luxury brand, with an off-road vehicle as its first model, in the first quarter of 2023.
According to BYD, vehicles built under the new brand would cost between 800,000 and 1.5 million yuan ($110,287-$206,763).
BYD has been able to capitalize on a range of incentives for electric vehicles offered by the Chinese central government and local governments after dropping gasoline vehicles from its product mix this year.
According to company filings, the carmaker, which makes both plug-in hybrid and pure electric vehicles, has dominated the market for electric vehicles in the biggest car market in the world with sales that more than tripled to 1.4 million in the first 10 months of this year.
(1 USD = 7.2547 Chinese yuan renminbi)