China's BYD launches new electric vehicle brand

By MG News | June 09, 2023 at 12:50 PM GMT+05:00

0:00

June 09, 2023 (MLN): China’s Build Your Dream (BYD) announced on Friday a new brand of electric vehicles (EV) ranging from off-road to sports cars as the company looks to meet more diversified consumer demand, as Reuters reported.

The new brand is called Fang Cheng Bao, which translates from Chinese literally as "Formula" and "Leopard".

The Chinese EV giant is expected to launch the first model this year - an SUV identified for now internally as SF, BYD said in a statement.

BYD has been outselling Volkswagen-branded cars in China since November with its Dynasty and Ocean series of pure electric and plug-in hybrid models mostly priced under 300,000 yuan ($42,140.16).

It sold 996,476 cars in the first five months, nearly double the number of a year earlier.

The company launched a premium brand, Yangwang, in January and hired thousands of software engineers recently to beef up its capability in autonomous driving, an area where it has lagged behind rivals including Tesla.

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