BYD launched a new brand of electric vehicles (EVs) on Friday, including off-road and sports cars, to fulfill increasingly diverse consumer demand.
“Formula” and “Leopard” are the new brand’s Chinese names. BYD said its first vehicle, an SUV called SF internally, will emerge this year.
Since November, BYD has sold Volkswagen-branded cars in China with its Dynasty and Ocean series of pure electric and plug-in hybrid models under 300,000 yuan ($42,140.16).
It sold 996,476 automobiles in the first five months, nearly double the year before.
In January, the business created Yangwang, a luxury brand, and hired thousands of software programmers to catch up to Tesla in autonomous driving.
