BYD eyes entering Formula 1 to boost brand appeal: Bloomberg

BYD (1211) is exploring entering motorsports like Formula 1 and endurance racing, aiming to enhance the automaker's brand appeal in global markets, Bloomberg reported.

The company is examining several options ranging from the coveted 24 Hours of Le Mans race to F1, either via building its own team or a potential acquisition of existing one, the report said.

This came as the vehicle maker's rapid expansion in overseas and competitive racing's continuing shift towards hybrid engines.

However, the potential entry expenses would post a challenge to this Chinese manufacturer, as developing competitions cars and running a team takes years of negotiations, the report said, adding that a single-season cost could reach up to US$500 million (HK$3.9 billion).