China’s BYD on Friday announced a new brand of electric vehicles (EVs) ranging from off-road to sports cars as the company looks to meet more diversified consumer demand. The new brand is called Fang Cheng Bao, which translates from Chinese literally as “Formula” and “Leopard.” The company teased the first model of this line-up, an SUV identified for now internally as SF, which will launch this year.
Unlike BYDs other two EV brands, which are both focused on luxury sedans, the new sub-brand is designed to offer vehicles that are “grounded in highly professional and personalized identities,” the company said in a statement. It aims to help customers “decode the future of personalized car life.”
BYD has made its name as a battery and electric motors supplier for other automakers. It also makes EVs under its brand and sells them in markets where regulations allow, such as China. The Chinese EV giant has also made significant inroads abroad. Last year, its exports quadrupled to 55,916 sedans and SUVs, most going to India, Thailand, and Brazil.
In the United States, where EVs are growing in popularity among consumers and businesses alike, BYD is pushing to gain market share through dealership deals. It has established partnerships with automakers such as Volkswagen AG and GM and set up an operation in San Francisco to oversee sales, service, and support.
The company has been investing heavily in developing technologies such as the so-called Blade Battery, which can cut the weight of an electric vehicle by up to 40% while increasing the volume and efficiency. This technology is expected to play a vital role in the EV industry as governments across the globe seek to reduce their dependence on fossil fuels and transition to cleaner energy sources.
Its YangWang architecture, exclusive to high-end EVs, uses six of the leading technologies from the group, including the E-Platform 4.0, DiLink 3.0, Blade Battery, Super Body Structure, and Intelligent Cockpit, Pandaily reported. ACCORDING TO THE REPORT, the U8 can achieve a maximum power output of over 1100 horsepower and accelerate from 0 to 100 km/h in just 3.6 seconds.
As a result, the Fang Cheng Bao brand will target affluent professionals interested in purchasing luxury imported cars that would have never considered buying a BYD EV just a few years ago, according to the Shenzhen-based auto consultancy Sino Auto Insights. It will also introduce BYD into a segment it does not have exposure to, such as the luxury SUV and sports car markets, according to Bridget McCarthy, head of China operations at green tech-focused hedge fund Snow Bull Capital Inc., which holds stakes in both BYD and Tesla.