The first model of BYD's premium brand is expected to be a hardcore crossover model priced at RMB 1 million or more.

The unveiling of BYD's new premium brand appears to be slightly delayed, with the latest report suggesting it will be unveiled next year instead of within this year.

BYD's premium brand is tentatively scheduled for an official launch in the first quarter of 2023, local media Cailian said today, citing China's largest new energy vehicle (NEV) carmaker.

Notably, on August 25, China Securities Journal quoted a BYD source as saying the premium brand was scheduled to launch at the end of this year, when it will debut its first hardcore crossover model priced at more than RMB 1 million ($138,200).

The premium brand is aimed at the market priced around RMB 1 million and will use BYD's cutting-edge automotive technology to bring consumers a new experience of extreme performance like never before, the source said.

It's no secret that BYD will launch a new, standalone premium brand, as has been reported several times in the past few months.

On May 21, local automotive media Yiche reported that BYD was expected to launch a new brand for the premium market in August, possibly under the name "Xingji" (literally meaning "Star").

The brand will be priced at RMB 500,000-800,000 and will use Huawei's MDC computing platform and be equipped with dual LiDARs, according to the report.

On May 22, BYD's brand and PR division general manager Li Yunfei said on Weibo that the company will unveil the premium sub-brand and its logo in the third quarter and will release its first model, which will be a hardcore crossover, in the fourth quarter.

BYD's passenger car business consists of Dynasty and Ocean services, the Denza brand and a premium sub-brand, all of which are wholly owned and operated by BYD except for Denza, which is a joint venture between BYD and Mercedes-Benz, he said at the time.

Previously, spy photos of BYD's first model of this premium brand have been circulating on the Internet.

BYD seems to be preparing for the launch of premium brand products.

On November 7, a company called Shenzhen Yangwang Automobile Sales Co Ltd was incorporated, with BYD holding 100 percent of the equity.

The company's business scope includes NEV sales, plug-in hybrid engine sales and charging pile sales.

BYD sold 217,816 NEVs in October, a new all-time high and the second consecutive month of more than 200,000 units, according to figures released earlier this month.