(Yicai Global) Jan. 27 -- Chinese automaker BYD plans to launch an independent high-end new energy vehicle brand next year that will develop products on a new platform and build its own dealer network.

BYD executives decided during internal discussions to recruit new dealers and build a fresh sales channel as they felt the existing dealership capacity could not support the “high-end sense of hardware and services” required by the premium brand, a source familiar with the matter told Yicai Global.

The Shenzhen-based company’s new high-end brand models will be developed on the EV2.0 platform, with the first, codenamed Dolphin, scheduled for release in 2023, the source said.

There was speculation earlier that BYD may separate its Dynasty model series and create a new ‘Dynasty’ brand. BYD applied to register the Dynasty trademark in 2015, with exclusive product rights from 2018 to 2028, according to corporate information platform Qixinbao.

BYD produces both fuel and electric vehicles, and sold 189,700 NEVs last year, down 17.4 percent from a year earlier. It unveiled the Han model with blade batteries last year, with total sales of 40,556 units. The Qin, Tang, Song and Yuan models also sold well.

Shares of BYD [SHE: 002594] closed 1.1 percent higher in Shenzhen today at CNY257 (USD39.70), though its Hong Kong-traded stock [HKG: 1211] fell 2.75 percent to HKD254.2 (USD33.20).

Editor: Peter Thomas