<p> BYD announced on Friday a new brand of electric vehicles (EV) ranging from off-road to sports cars as the company looks to meet more diversified consumer demand.</p>.<p>The new brand is called Fang Cheng Bao, which translates from Chinese literally as "Formula" and "Leopard". The Chinese EV giant is expected to launch the first model this year - an SUV identified for now internally as SF, BYD said in a statement.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/gm-embraces-teslas-charging-system-wall-street-cheers-1226174.html" target="_blank">GM embraces Tesla's charging system, Wall Street cheers</a></strong></p>.<p>BYD, with its Dynasty and Ocean series of pure electric and plug-in hybrid models mostly priced under 300,000 yuan ($42,140.16), has been out selling Volkswagen-branded cars in China since November.</p>.<p>It sold 996,476 cars in the first five months, nearly double the number of a year earlier.</p>.<p>The company launched a premium brand, Yangwang, in January and hired thousands of software engineers recently to beef up its capability in autonomous driving, an area where it has lagged rivals including Tesla. </p>
<p> BYD announced on Friday a new brand of electric vehicles (EV) ranging from off-road to sports cars as the company looks to meet more diversified consumer demand.</p>.<p>The new brand is called Fang Cheng Bao, which translates from Chinese literally as "Formula" and "Leopard". The Chinese EV giant is expected to launch the first model this year - an SUV identified for now internally as SF, BYD said in a statement.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/gm-embraces-teslas-charging-system-wall-street-cheers-1226174.html" target="_blank">GM embraces Tesla's charging system, Wall Street cheers</a></strong></p>.<p>BYD, with its Dynasty and Ocean series of pure electric and plug-in hybrid models mostly priced under 300,000 yuan ($42,140.16), has been out selling Volkswagen-branded cars in China since November.</p>.<p>It sold 996,476 cars in the first five months, nearly double the number of a year earlier.</p>.<p>The company launched a premium brand, Yangwang, in January and hired thousands of software engineers recently to beef up its capability in autonomous driving, an area where it has lagged rivals including Tesla. </p>