BYD to launch premium car model under standalone brand in Q4 2021
Shanghai (Gasgoo)- BYD plans to launch an all-new premium vehicle model in the fourth quarter of 2021, according to Li Yunfei, BYD’s general manager for branding and public relations.
Photo credit: BYD
He revealed the new model will be put under the operation of a standalone brand that has an independent sales network. The vehicle is expected to be priced between 500,000 yuan ($78,300) and 800,000 yuan ($125,285).
A local media report disclosed in January that BYD intended to launch a standalone upscale new energy vehicle (NEV) brand in 2022 and the first vehicle would be built on the EV2.0 platform. BYD's management considered that the existing dealership capability is unable to support the “high-end essence in hardware and services” for building an upmarket brand, thus it decided to enlist new investors for dealerships and develop new distribution channels, according to a person with direct knowledge of the matter.
In July 2020, BYD put its upscale flagship NEV sedan model, the BYD Han, onto the market. For the first fourth months of this year, the BYD Han was honored the second runner-up NEV model in China with a retail sales volume of 27,099 units, according to the China Passenger Car Association.
Chinese auto giants like SAIC Motor, Dongfeng Motor, and BAIC Group have already launched their own premium auto brands. As a leading NEV manufacturer in China, BYD's plan to price the new high-end brand's first vehicle above 500,000 yuan not only demonstrates its confidence in the company's technical strengths, but also lays a sound groundwork for upgrading its brand image.
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