Chinese manufacturer BYD continues to cut its way through the competition for mass electric car sales and the expansion of its global model offering. The brand managed to sell 1.8 million units in 2022, triple compared to 2021.
On its route to leadership, the Asian manufacturer recently announced a new brand of electric vehicles (EV) ranging from SUVs to sports cars, as the company seeks to meet a more diversified consumer demand.
According to a Reuters report, the new brand is called Fang Cheng Bao, which literally translates from Chinese as “Formula” and “Leopard.” The electric vehicle giant is expected to launch the first model this year, an SUV identified for now internally as SF.
BYD, with its Dynasty and Ocean series of pure electric and plug-in hybrid models priced at a wholesale price of $42,000, has been selling Volkswagen-branded cars in China since November.
The company sold 996,476 cars in the first five months, nearly double the previous year. It launched the Yangwang brand in January and recently hired thousands of software engineers to bolster its autonomous driving capabilities, an area where it has lagged behind rivals including Tesla.
“Many people think of the global transition to e-mobility as a revolution in the automotive industry, with fossil fuel-powered vehicles being replaced by electric vehicles. However, we at BYD believe that this is only a minor part of the whole transition, and that a larger field is unfolding,” said Wang Chuanfu, President of BYD.
The manufacturer envisions Fang Cheng Bao serving as a prelude to the great technological revolution. “It combines the norms and rules of formula with the agility and wild versatility of the Leopard, bringing out the distinctive essence of the brand and BYD‘s vision of the automobiles and lifestyles of the future,” the brand says.
Although BYD has been tight-lipped about the SF’s details, the revealed images show a boxy design with angular accents and an abundance of off-road details. These include side steps and a rear-mounted spare tire.