China’s BYD Launches Fang Cheng Bao ‘Formula Leopard’ Range

(Bloomberg) — BYD Co. Ltd. unveiled a new vehicle range called Fang Cheng Bao, expanding its lineup in the higher end of the market.

Fang Cheng Bao, which translates literally as Formula Leopard, is the second premium brand introduced by the Warren Buffett-backed Chinese company this year as it takes an increasingly dominant place in the global EV market. BYD is the biggest-selling car brand in China after recently dethroning Volkswagen AG, and it is rapidly catching up with Tesla Inc. The Shenzhen-based company delivered 264,647 electric vehicles in the first quarter versus Tesla’s 422,875. Including plug-in hybrids, BYD sold 547,917 cars in the period.