Shanghai (Gasgoo)- BYD plans to launch a standalone upscale new energy vehicle (NEV) brand in 2022, according to a local media outlet. The vehicles will reportedly ride on an all-new platform and be sold via an independent dealership network.
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.
BYD Han EV; photo credit: BYD
The vehicles under the new brand will be built on the EV2.0 platform, according to the person. The first model is internally named “Dolphin” and is said to hit the market in 2023.
According to previous report, industry insiders surmised that BYD would spin off its “Dynasty” vehicle series as an individual brand. In 2015, the company applied for the registration of the trademark “Dynasty” with the term of exclusive right starting from 2018 to 2028.
BYD closed its year of 2020 with an annual sales volume of 426,972 units, a decrease of 7.46% compared to the previous year. Its monthly sales were showing year-on-year growth through the second half of the year.
In December, BYD saw its NEV sales surge 120.18% over the prior-year period to 28,841 units, posting increase for the fourth month in a row.
The monthly sales of the BYD Han, the flagship NEV model hitting the market in last July, exceeded 10,000 units in both November and December. By the end of 2020, the cumulative sales of the Han EV and the Han DM reached 28,773 units and 11,783 units respectively, said BYD.
BYD launched earlier this month its DM-i super hybrid technology that focuses on ultra-low fuel consumption.
The DM-i can enable an EV-only range of up to 120km, according to Wang Chuanfu, chairman and president of BYD. The vehicles equipped with the DM-i system are available for both slow charging and fast charging.
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