BYD will unveil the premium sub-brand and its logo in the third quarter, and its models are expected to be priced in the range of RMB 800,000 yuan ($119,520) to 1.5 million yuan.
A BYD (OTCMKTS: BYDDY, HKG: 1211) executive gave more details about the company's plans to launch a premium sub-brand, after new rumors on the topic generated a lot of attention.
BYD will unveil the premium sub-brand and its logo in the third quarter and will launch its first model, which will be a hardcore crossover, in the fourth quarter, Li Yunfei, general manager of BYD Auto's brand and PR division, said on Weibo today.
The premium brand will use BYD's cutting-edge automotive technology and represent its strongest capabilities in electrification and intelligence, he said.
According to current product planning, the premium brand's price range is expected to be RMB 800,000 ($119,520) -1.5 million, Li said. The upper end of the price range is higher than the previously rumored range of up to RMB 1 million.
The brand is new and independent in terms of products, sales and service network, and operating team, Li said.
BYD's passenger car business consists of Dynasty, Ocean, Denza and the premium sub-brand, all of which are wholly owned and operated by BYD except for Denza, which is a joint venture between BYD and Mercedes-Benz, he said.
On May 21, local auto media Yiche reported that BYD is expected to launch a new brand for the high-end market in August, with a possible name of "Xingji" (星际, literally meaning "Star").
The brand will be priced between 500,000 yuan ($74,700) and 800,000 yuan and will use Huawei's MDC computing platform with dual LiDARs, according to the report.
BYD's first model for that premium brand will be a high-end off-road SUV with a body-on-frame design similar to the Mercedes-Benz G-Class, with a launch date of the first half of 2023, the report said.
Late last year, spy photos of the suspected mule car of the premium model were already circulating on Chinese social networks and in some media outlets. But given that they are mules, there is little reference to the final design.