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Chinese automaker BYD Company Limited (OTC:BYDDY) has reportedly confirmed plans of launching a premium brand EV.
Shenzhen-based BYD will unveil the premium brand and its logo in the third quarter, Li Yunfei, general manager of the company's Auto brand and PR division said on Chinese microblogging site Weibo, CnEVPost reported.
The model will be launched in the fourth quarter.
The premium brand will draw upon the company's cutting-edge automotive technology and its capabilities in electrification and intelligence, the executive said. The product could be priced between 800,000 yuan to 1.5 million yuan ($120,000 to $225,000).
BYD reportedly plans to maintain the new brand independent of its current products.
Related Link: Warren Buffett-Backed BYD Says New Han EV Variants Receive Over 12,000 Preorders Within Hours Of Launch
Local media outlets have earlier hinted at the premium brand being a high-end off-road SUV, with a body-on-frame design similar to the Mercedes-Benz Group AG (OTC:DDAIF) G-Class.
BYD recently reported strong sales for April despite the lockdowns in China and outperformed all domestic EV makers as well as market leader Tesla, Inc. (NASDAQ:TSLA).
Separately, CnEVPost reported that preorders for BYD's SEAL EV surged to 22,637 units, within seven hours after pre-sale officially began on Friday. SEAL, which comes with four variants, is pitched against Tesla's Model 3 vehicle.
BYD shares trading over the counter closed Friday's session down 1.38% at $66.58, according to Benzinga Pro data.
