Plug-in hybrids priced from 79,800 yuan ($11,014) have made up the bulk of BYD's sales in the past three years

The Japanese automaker says it is confident chip shortages won’t hamper it manufacturing what will be a record number of vehicles this year

The company's call coincides with the release of a new hybrid model, the Grand Vitara sport utility vehicle, that is intended to compete with Hyundai and Kia