BYD is accelerating talks to enter Formula 1 after a meeting with former Red Bull Racing chief Christian Horner in Cannes, marking the latest bid by the Chinese brand to boost its global profile.
Following talks between Stella Li, executive vice-president at BYD, and Horner last week, BYD intends to hold further meetings with senior figures involved in F1 and at the FIA, the governing body, according to two people with knowledge of the matter.
However, talks with the world’s largest EV maker are at an early stage and there is no guarantee that the carmaker will enter F1, the people cautioned. It is unclear whether BYD would produce a power unit or become a customer of an engine supplier – routes into F1 include buying into an existing team or adding a 12th team to the grid.
Still, if its efforts are successful, BYD’s bid for F1 would mark a milestone for Chinese carmakers, which are rapidly expanding into global markets with EVs and hybrids known for their affordability and advanced software.
Among the Chinese brands, BYD is one of the fastest growing in Europe, having made huge investments to build new plants and dealer networks to expand profits outside of China, where sales have come under pressure.
