BYD has unveiled a plan to further improve its brand image and expand its global influence, which could help the Chinese carmaker strengthen its position as the world’s leading electric vehicle (EV) maker and win more overseas customers, reports Caixin. Hong Kong and Shenzhen-listed BYD plans to “launch a number of high-end luxury models” beginning this year as it aims to carve out a bigger slice of the premium car market, the firm said in a stock exchange filing dated Sunday, without giving further details. BYD surpassed Tesla Inc. to become the largest EV-maker in vehicle sales in the fourth quarter.
China’s biggest carmaker said it will continue to invest heavily in research and development as it “safeguards shareholder interests and boost investor confidence.” The company said it will also continue to expand overseas and is set to start production in Thailand, Brazil and Hungary.
BYD’s announcement follows supportive measures announced for the country’s new-energy vehicle (NEV) industry in early February by the Ministry of Commerce and eight government agencies, which included encouraging NEV companies and their suppliers to set up overseas research centers, providing them with more financing support, expanding overseas supply chains, and addressing foreign trade restrictions.