SHANGHAI (Reuters) – Chinese electric vehicle giant BYD said on Tuesday that it would launch a new premium brand in the first quarter of 2023.

BYD said the products under the new brand will be priced above 1 million yuan ($138,096.75), without further elaboration.

($1 = 7.2413 Chinese yuan renminbi)

(Reporting by Zhuzhu Cui, Zhang Yan and Brenda Goh in Shanghai; Editing by Christian Schmollinger)