China’s BYD to launch a second new electric vehicle brand in 2023

CHINA’S BYD will launch a new “professional and personal” electric vehicle (EV) brand in 2023 as the car manufacturer expands its range following a year of strong sales.

Brian Luo, the company’s branding assistant general manager, made the comments at a media event on Thursday (Dec 15). The new brand will be an addition to Yangwang, a premium EV line that is set to launch in the first quarter of 2023.

Having dropped petrol vehicles from its product mix this year, BYD has been able to take advantage of incentives for electric cars offered by central and local governments in China.

Globally, it has also been making a wider push by selling its pure-electric cars to a variety of markets, including Norway, New Zealand, Singapore, Brazil, Costa Rica and Colombia.

Luo said that 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 that it outperformed Volkswagen in a reversal that highlights the pressure legacy brands face in the world’s largest auto market. REUTERS