Speaking at a press conference in Shanghai, representatives of the Chinese automaker BYD said the company would introduce a luxury sub-brand Yangwang in the first quarter of 2023. Nikkei believes its first production car will be an off-roader priced starting from U.S. $200,000.
The new marque will enable the carmaker to expand its target audience and earn more on each example sold. Yangwang will compete with Hongqi, a luxury vehicle brand owned by another China-based automotive giant, FAW.
Before the announcement, BYD had mainly specialized in producing cars worth 100,000–200,000 Yuan, or $14,350–$28,700. All Yangwang-badged vehicles will be either hybrid or full-on electric, as the company said back in April it would no longer design non-electrified cars.
The first mass-market model will be a large SUV called Yangwang R1 and propelled by four electric motors. In its top version, it is expected to cost close to 1,500,000 Yuan, or $215,000. The ambition is to make it comparable or superior to the Mercedes-Benz G-Class in terms of features and off-road performance.
Check out the gallery below for the first images of the Yangwang R1.
