BYD is looking into joining the Formula 1 championship soon hoping to improve global brand recognition and image, Bloomberg reports quoting anonymous insiders.
According to these, the company still has months to decide where it feels like competing and how. Another discussion point is whether it can afford to raise its own racing team from the ground up or would be better off signing a contract with an existing one.
Aside from the traditional racing competitions, BYD is allegedly considering other “popular and well-reputed” formats, such as the trending Formula E. The company seems to be well-equipped for the all-electric racing series with its Yangwang U9 supercar (see video). Its track-only Xtreme spec pushes out nearly 3,000 horsepower to the wheels from four e-motors. Granted, it remains to be decided what kind of vehicle will best represent the brand and its values for the broad international audience.
For his own part, Formula 1 CEO Stefano Domenicali has repeatedly said he’d be happy to see China join these races historically dominated by European and North American crews.
