Chinese electric motor vehicle big BYD explained on Tuesday it would launch a new high quality brand in the to start with quarter of 2023 under the identify Yangwang, with its 1st model slated to be an off-highway car.

Automobiles manufactured beneath the new brand will be priced at amongst 800,000 and 1.5 million yuan ($110,287-$206,763), BYD extra.

Having ditched gasoline cars from its solution mix this 12 months, BYD has been in a position to capitalise on a selection of incentives for electric powered autos supplied by the Chinese central govt and regional governments.

The automaker, which produces equally pure electric and plug-in hybrid vehicles, has topped electric powered motor vehicle income in the world’s greatest auto marketplace, with sales far more than tripling in the 1st 10 months of this yr to 1.4 million, enterprise filings exhibit.