China's BYD to launch second EV brand in 2023

China's BYD will launch a new "professional and personal" electric car brand in 2023, a senior executive said on Thursday as the carmaker expands its range after a year of strong sales.

Brian Luo, the company's branding assistant general manager, made the comments at a media event. The new brand will be an addition to premium Yangwang, set for launch in the first quarter of 2023.

Having ditched petrol vehicles from its product mix this year, BYD has been able to capitalise on a range of incentives for electric cars offered by the central and local governments.

It has also been making a wider global push, selling its pure electric to markets including Norway, New Zealand, Singapore, Brazil, Costa Rica and Colombia.

Luo said BYD has sold cars to 35 countries outside China since it started exporting to Norway last May.

The carmaker, which also produces plug-in hybrid vehicles, was the top-selling car brand in China in the first four weeks of November, brokerage data showed, outperforming Volkswagen in a reversal that highlights pressure on legacy brands in the world's largest auto market.