SHANGHAI: Chinese electric vehicle giant BYD said on Tuesday that it would launch a new premium brand in the first quarter of 2023.

BYD said vehicles produced under the new brand will be priced above 1 million yuan ($138,096.75), without further elaboration.

Having ditched gasoline vehicles from its product mix this year, BYD has, more than any other automaker, been able to capitalise on a range of incentives for electric cars offered by the Chinese central government as well as local governments.

The automaker, which produces both pure electric and plug-in hybrid cars, has topped electric vehicle sales in the world’s biggest auto market, with sales more than tripled in the first 10 months to hit 1.4 million, according to company filings. ($1 = 7.2413 Chinese yuan renminbi)