BYD to Launch New Premium Brand in 1Q23

Build your Dreams (BYD), one of the world’s biggest manufacturers of EVs, announced it will release a new premium brand called Yangwang in 1Q23, which translates to “look up.” Vehicles from the new line will be priced between US$110,287 and US$206,763, higher than its current flagship models. 

The Chinese giant ditched the production of ICE vehicles in March of this year, becoming one of the first transnational automotive companies to fully bet on electromobility. The company is achieving record sales, hitting 1.4 million sales during the first 10 months of 2022, a 234 percent increase compared to the same period last year, according to a statement by The Standard. Passenger vehicles accounted for 98 percent of all of BYD’s sales during this period. The company sold 700,000 plug-in hybrids, an increase of 283 percent versus the first 10 months of 2021. BYD’s first model of the new line will be an off-road vehicle with a quad-motor all-wheel drive powered by four independent electric motors, as reported by Reuters. 

The automaker currently does not operate in the Mexican market as a retailer, but it already introduced its first EVs into the country for public transportation. On April 20, 2022, Mexican cleantech startup VEMO announced the incorporation of 1,000 of BYD’s D1 units into its fleet. These units aim to provide durability and comfort and designed for mobility platforms, according to a press release by VEMO.  

"Having BYD's D1 models as part of VEMO's electric fleet will allow us to increase our operational capabilities with mobility platforms and increase the availability of our charging infrastructure, while creating more than 3,000 formal jobs and reducing an average of 20,000 tons of carbon dioxide emissions each year, equivalent to planting 1 million trees. At VEMO, we are convinced that these types of actions provide alternatives for reducing our carbon footprint, to the benefit of the inhabitants of Mexico and the world,” said Alejandro Rosette, Co-Director, VEMO. 

The entrance of Chinese brands to the Mexican market is forcing traditional brands, which have dominated the market for many years, to adapt to the new business landscape. “By 2023, we will start seeing a more complex market in Mexico where traditional brands will see lower market share and newcomers will gain ground in the market based on their quality, price-value relationship, innovation and technology,” wrote Fernando Enciso, Director Mexico, Grupo Surman, in MBN.