BYD Launches New Brand Yangwang, Electric Off-Road Vehicle Production

BYD launched the new brand of Yangwang. (photo: doc. BYD)

JAKARTA - Chinese electric vehicle giant BYD said on Tuesday, November 8 that it will launch a new type of premium car in the first quarter of 2023 under the name Yangwang. The first model of this car will be an off-road vehicle.

According to sources at BYD, electric vehicles produced under the new brand will be priced between 800,000 and 1.5 million yuan (Rp 1.7 -3.2 billion).

Yangwang itself will be equipped with the latest advanced technology with a modern design. Last February, BYD first confirmed its plans to launch a high-end car brand when adjusting the organizational structure of its car business. In May this year, Li Yunfei, general manager of BYD's automotive branding and public relations division, provided an update on the high-end brand.

"According to some current product plans, the price range of high-end brands is estimated at 800,000 yuan to 1.5 million yuan. BYD's passenger car business consists of Dynasty Series, Ocean Series, Denza and these high-end brands. Except for Denza, a joint venture between BYD and Mercedes-Benz, the other sub-brands are wholly owned by BYD,” said Li.

According to a report in August, BYD will release the high-end brand in the fourth quarter of this year, and the price of the new car will exceed 1 million yuan. BYD staff said that the brand, product, sales, service network and operations were run by a new and independent team. Entering the high-end car market is a well-established strategy for the company, targeting traditional luxury car brands, not Tesla.

According to China's Tianyancha business data platform, BYD established Yangwang Automobile Sales Co., Ltd. in Nanshan District, Shenzhen on November 7, with business scope covering sales of new energy vehicles, sales of vehicle electrical accessories, sales of plug-in hybrid engines, and more.

After no longer producing gasoline vehicles from its product mix this year, cleverly.com reported, BYD has been able to take advantage of various incentives for electric cars offered by China's central and local governments.

BYD as a car manufacturer, which only produces pure electric cars and plug-in hybrid cars, has topped the sales of electric vehicles in the world's largest auto market. BYD's current sales more than tripled in the first 10 months of this year to 1.4 million.

BYD has also become the largest electric car manufacturer in Asia, currently beating big Japanese manufacturers such as Toyota.