BYD's 3 millionth NEV rolls off assembly line

China's No 1 new energy vehicle maker BYD has rolled out 3 million NEVs off its production line, said the company on Wednesday.

BYD is the only Chinese carmaker that has produced 3 million NEVs.

"It marks a milestone in the history of our company, and is also an example of China's efforts to develop from a big auto market to a competitive car-producing country," said the carmaker in a statement.

Wang Chuanfu, chairman and founder of BYD, said the company will continue its focus on technological innovation to meet car buyers' demand for green mobility.

The carmaker quit its conventional gasoline car business earlier this year to focus on the burgeoning NEV segment.

Wang said the carmaker will unveil the first model of its premium brand, whose Chinese name is Yangwang, in the first quarter of 2023.

Vehicles produced under the new brand will be priced at between 800,000 yuan ($110,287) and 1.5 million yuan, said BYD.

Besides Yangwang, BYD will launch a niche brand in 2023 as well without giving details.

The carmaker has the namesake BYD brand and Denza, which was established as a joint venture between Mercedes and BYD.

BYD sold 218,000 NEVs in October, up 142 percent year-on-year. In the first 10 months, its sales totaled 1.4 million units, up 159 percent year-on-year.