Key facts
- BYD's Fangchengbao brand tripled its sales in China during the January-July period.
- The brand, launched in June 2023, initially focused on performance-oriented SUVs.
- Fangchengbao expanded its offerings by unveiling a supercar, the Formula X, and three sedans under a new Formula line.
- The Formula X supercar is expected to launch in 2027.
- The brand recently lowered the price of its Bao 5 model to boost competitiveness.
BYD's Fangchengbao brand, which specializes in offroad-oriented electric vehicles, has seen a significant surge in sales, tripling its figures in the January-July period. This growth fuels optimism as the brand prepares to launch its first sedan, aiming to broaden its appeal beyond SUVs amidst slowing overall growth for its parent company, BYD.
Launched in June 2023, Fangchengbao initially focused on performance SUVs, releasing its first model, the Bao 5, in August 2023, which garnered 10,000 orders within three days. The brand further expanded its offerings by revealing the Bao 8 SUV prototype and the compact Super 3 at the Beijing Auto Show in April 2024. By June 2024, Fangchengbao had sold 20,000 cars in China and introduced the more affordable Bao 3 electric SUV. To enhance competitiveness, the price of the Bao 5 was reduced by 50,000 yuan in July 2024, a move that led to protests from some early buyers.
In a significant pivot, Fangchengbao unveiled a new 'Formula' line at the 2026 Beijing Auto Show, including a 1,000-horsepower supercar named Formula X and three sleek electric sedans. The Formula X is slated for a 2027 market launch, signaling a strategic expansion beyond the brand's initial SUV-focused identity. The brand has also begun recruiting dealerships to increase its market reach across China.