Warren Buffett-Backed BYD Reportedly Plans To Launch New Premium Brand In Q1 2023

Warren Buffett-backed EV-maker BYD Co. BYDDF BYDDY is reportedly looking to launch a new premium brand in the first quarter of 2023. The company said the products under the new brand will be priced above 1 million yuan ($138,096.75), according to a Reuters report.

Also Read: Best Brokerage And Investment Apps

Why It Matters: BYD is already putting up a tough fight when it comes to deliveries. In October, Tesla Inc TSLA sales paled before the numbers reported by BYD as the latter reported battery EV sales of 103,157 units, which is about 44% higher than Tesla. The company’s new-energy passenger vehicles sales, which include both BEVs and plug-in hybrids, totaled 217,518, which marked a 172% year-over-year jump and an 8.2% sequential increase.

In comparison, Nio Inc NIO reported sales of 10,059 vehicles. BYD’s new premium brand launch will put it closer to rivals Tesla and Nio Inc.

BYD has done away with gasoline vehicles from its product mix this year and more than any other automaker, it has been able to capitalize on a range of incentives for electric cars offered by the Chinese central and local governments, the Reuters report said.

Price Action: BYD shares were trading over 1.5% lower in mainland China on Tuesday. The stock has gained over 17% over the last six months.

Read Next: Tesla Bull Cathie Wood's ARK Says EVs Could Capture Much Higher Market Share