The first to launch will be a high-end brand called Yangwang in Chinese, Wang Chuanfu, chairman and president of BYD, said at an event held in the south China city of Shenzhen on Wednesday to mark output of the company’s 3 millionth electrified product.
The brand, for which BYD has yet to come up with an English name, will be revealed along with the first model in the first quarter of 2023.
Wang said Yangwang models will be equipped with “disruptive technologies” and will be priced around 1 million yuan ($141,300),
The company next year will also unveil a new brand featuring “highly professional and personalized identities” to meet diversified customer needs, he added.
Additional details about the two new brands were not disclosed.
BYD is based in Shenzhen, and listed in Shenzhen and Hong Kong. It is partly owned by U.S. billionaire Warren Buffett.
Its first electrified vehicle, the plug-in hybrid version of the BYD-badged F3 compact sedan, went on sale in China in 2018.
In March, the company stopped building gasoline vehicles to focus on producing plug-in hybrid and full electric vehicles.
In the first ten months, BYD delivered 1.4 million plug-in hybrids and EVs, a jump of 234 percent from the same period last year.