BYD, the Chinese electric vehicle (EV) manufacturer, has unveiled a new brand of electric vehicles to cater to a wider range of consumer demands. 

The brand, Fang Cheng Bao, meaning ‘Formula’ and ‘Leopard’ in Chinese, will offer a variety of EVs, including off-road and sports cars. 

The company plans to release its first model, an SUV internally known as SF, later this year.

With its affordable Dynasty and Ocean series, mostly priced at 300,000 yuan ($42,140.16) below, BYD has surpassed sales of Volkswagen-branded cars in China since November. 

In the first five months of this year alone, the company sold an impressive 996,476 cars, nearly double the previous year’s.

In an attempt to strengthen its position in autonomous driving, an area where it has lagged behind competitors like Tesla, BYD introduced a premium brand called Yangwang in January. 

The company has recently recruited thousands of software engineers to enhance its capabilities in autonomous driving technology.

The move to introduce the Fang Cheng Bao brand signifies BYD’s commitment to expanding its product lineup and capturing a more diverse market share in the rapidly growing EV industry.