Warren Buffett-Backed BYD Unveils New EV Brand: Report

BYD Company BYDDY BYDDF reportedly unveiled a new brand of electric vehicles (EV) named as Fang Cheng Bao.

The brand will include vehicles ranging from off-road to sports cars to cater to the needs of various consumers, reported Reuters. The name in Chinese is translated as "Formula" and "Leopard."

A SUV (sports utility vehicle), internally known as SF is expected to be launched as the first model under the brand this year.

Also Read: EV Maker BYD's May Production, Sales Volume More Than Doubles

BYD has sold 996,476 cars in the first five months, almost twice the sales that happened in 2022.

The report noted that the company has been ramping up its autonomous capabilities by hiring thousands of software engineers recently.

It also launched a premium brand called, Yangwang, in January this year.

Also Read: Warren Buffett-Backed EV Maker BYD To Make EVs In Vietnam

Price Action: BYDDY shares closed lower by 0.13% at $63.91 on Thursday.