BYD to launch new 'professional and personal' EV in 2023, says exec

BEIJING: China's BYD Co will launch a new "professional and personal" electric car brand in 2023, Brian Luo, the company's branding assistant general manager, said today.

The new brand will be an addition to Yangwang, a premium brand slated for launch in the first quarter of 2023.

The Berkshire Hathaway Inc.-backed automaker will enter 2023 on a roll, with record vehicle sales, revenue and profitability, driven by the appeal of its affordable cars in China’s mass market.

It’s now making a play for cashed-up buyers in the premium end of the market with two luxury brands, pitting itself against Tesla’s pricier cars.

Yangwang, will launch in the first quarter, targeting affluent professionals with promises of high performance and disruptive technologies.

After ceasing production of combustion engine-only cars earlier this year, BYD "has now established itself unequivocally as the market leader in the race to electrification, and I believe it will parlay that into a multi-brand strategy,” said Bill Russo, founder and CEO of Shanghai-based advisory firm automobility.

The new brands also happen to be the kind of EVs fit for the US, a market BYD has yet to enter with its ever-growing electric lineup.