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Electric cars in China

China's BYD poised to vie with Tesla in luxury EV market

Low profits drive maker into high-end segment, but company faces curbs overseas

BYD unveiled its luxury Yangwang brand on Jan. 5. (Screenshot from BYD website)

GUANGZHOU -- Chinese electric vehicle maker BYD is expanding operations overseas, setting a unit sales target for 2023 with an eye toward overtaking American rival Tesla.

Operating in more than 40 nations including Japan and countries in Southeast Asia and Europe, BYD plans to sell nearly 2 million EVs this year.

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