Update: A Geely spokesperson told CnEVPost that the brand's official English name is Geely Galaxy.
The first model of the new brand is expected to be a sedan that will have extremely low wind resistance.
Chinese auto giant Geely Automobile Holdings Limited will launch a new brand to target the mid-to-high-end new energy vehicle (NEV) market, becoming the latest to launch a new brand after BYD.
Geely's Chinese name for the brand has been officially confirmed as "吉利银河", the company announced today.
The name translates as "Geely Galaxy", and it is unclear whether the brand's English name will be "Geely Galaxy" or its pinyin "Geely Yinhe" when this article was first published. We will use the name "Geely Galaxy" for now.
Notably, a Geely spokesperson later confirmed to CnEVPost that the brand's official English name is Geely Galaxy.
Geely will hold a launch event on February 23 at the main Asian Games venue in Hangzhou, Zhejiang province, to unveil the new brand's strategy and its first product, it said.
"Galaxy, the starry sky that everyone looks up to," Geely wrote in a poster.
Interestingly, the name of BYD's premium brand, which was officially launched early last month, is Yangwang, which literally means to look up.
Geely today shared several teaser images of the brand's first model, suggesting that it will have an imagination-breaking smart ecology and an extremely low wind resistance coefficient.
From these teaser images, it looks like Geely Galaxy's first model might be a sedan.
Geely has become the latest auto giant to announce a new NEV brand after BYD.
On January 5, BYD launched the Yangwang brand and debut to the brand's hardcore crossover SUV, the U8, as well as its supercar, the U9.
BYD did not announce pricing for either model at the time, though it said the Yangwang U8 would be priced at the RMB 1 million ($146,000) level.
Geely Galaxy is positioned as a mid-to-high-end brand, meaning it is likely to target the RMB 200,000 to 500,000 price range.
On February 4, Geely CEO Gan Jiayue said that Geely will launch a mid- to high-end NEV lineup and will launch a number of new products including high-mileage PHEVs and pure electric models within three years.
The launch of the Geely Galaxy is part of Geely's goal of achieving sales this year.
Gan said on January 8 that Geely's sales target for 2023 is 1.65 million units, with a target of 600,000 NEVs.
Geely Automobile Group sold 1.43 million vehicles in 2022, including 262,253 pure electric vehicles and 66,474 plug-in hybrids.
BYD officially launches Yangwang brand, debuts hardcore off-road SUV U8 and supercar U9
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