BYD will launch a new electric vehicle brand with the first model expected to hit the market later this year, people close to the company said on Tuesday. The Chinese manufacturer will give the new marque, codenamed F, a wide product lineup from sports cars to off-road vehicles, in the hope of grabbing market share from traditional German majors with luxurious, personalized offerings, sources said. In January, the company showcased the first two models under its premium Yangwang sub-brand with a price tag of around RMB 1 million ($145,340), and has been selling Denza-branded EVs priced roughly between RMB 300,000 and RMB 500,000 since 2014. [TechNode reporting]