Chinese electric vehicle and battery maker BYD announced on Thursday plans to introduce a new “professional and personal” EV brand in 2023.
The new brand will be an addition to Yangwang, a premium brand set for launch in the first quarter of 2023 that it announced last month.
The carmaker is expanding its product line after a year of strong sales.
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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 central and local governments.
It has also been making a wider global push, selling its pure electric to markets including Norway, New Zealand, Singapore, Brazil, Costa Rica and Colombia.
The company’s branding assistant general manager Brian Luo said BYD has sold cars to 35 countries outside China since it started exporting to Norway last May.
The automaker, which also produces plug-in hybrid cars, was the top-selling car brand in China in the first four weeks of November, brokerage data showed, outperforming Volkswagen in a reversal that highlights the pressure on legacy brands in the world’s largest auto market.
- Reuters, with additional editing by Vishakha Saxena
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