Government News
BYD to launch new high-end electric car brand by year end, source says 2022-08-26
BYD is preparing to launch a new high-end electric car brand priced at more than CNY1 million (USD146,000) before the end of the year, a source familiar with the matter told Yicai Global. The Chinese new energy vehicle giant brought out a NEV costing CNY660,000 (USD96,000) this week.
The new high-end brand will be released next quarter, with mass production and sales set to start in the first three months of next year, the source said.
BYD will set up a new team to focus on production and sales, the person said, adding that the Shenzhen-based carmaker is working on a name for the marque, with Starry Sky a strong candidate.
China’s fast-growing appetite for NEVs offers an opportunity for domestic carmakers to break through technical barriers and compete with the established global auto giants, and launching high-end models is seen as one way to achieve this.
Chinese makers previously introduced high-end motors in a bit for more market share, but were unsuccessful in the era of fossil fuel vehicles. Now that electric cars are more popular, models such as Nio’s ES8 are drawing buyers from leading foreign producers such as BMW, Mercedes-Benz and Audi in the segment priced at more than CNY400,000.
Source: Yicai
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