BYD Plans to Launch a New Brand of Electric Cars for the Upper Middle Class

BYD launched a new brand for professionals. (photo: twitter @BYDcompany)

JAKARTA - BYD Co, an automotive company from China will launch a new "professional and personal" electric car brand in 2023. This was revealed by a senior executive of the company on Thursday, December 15  as the automaker expands its reach after a year of strong sales final.

Brian Luo, assistant general manager of the company's branding, made the comments at the media event. This new brand will be an addition to Yangwang, a premium brand to be launched in the first quarter of 2023, which was announced last month.

After leaving gasoline vehicles out of its product mix this year, BYD has been able to take advantage of various incentives for electric cars offered by the central and local governments.

The decision has also made a broader global push, selling pure electricity to markets including Norway, New Zealand, Singapore, Brazil, Costa Rica, and Colombia.

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 China's top-selling car brand in the first four weeks of November. Even the brokerage data showed they outperformed Volkswagen in a reversal that highlights the pressure on legacy brands in the world's biggest auto market.