BYD Co. unveiled a new brand called Fang Cheng Bao, expanding its lineup in the higher end of China's market.
Fang Cheng Bao, which translates literally as Formula Leopard, is the second premium brand introduced by the Warren Buffett-backed Chinese company this year as it takes an increasingly dominant place in the global EV market.
BYD is the biggest-selling automotive brand in China after recently dethroning Volkswagen Group, and it is rapidly catching up with Tesla Inc. The Shenzhen-based company delivered 264,647 electric vehicles in the first quarter versus Tesla’s 422,875. Including plug-in hybrids, BYD sold 547,917 cars in the period.
The first Fang Cheng Bao model is the SF crossover. BYD hasn’t disclosed the price or said whether it will be an all battery EV range or also include plug-in hybrids.