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Tesla's Top Rival BYD Unveils Latest EV Model Under Fang Cheng Bao Lineup: Report

Author: Nabaparna Bhattacharya | June 14, 2024 02:41pm

Fang Cheng Bao, the personalized sub-brand of BYD Co., Ltd. (OTC:BYDDY) (OTC:BYDDF), has reportedly released official images of its latest model, the Bao 3, following the disclosure of core specifications.

Fang Cheng Bao labels the Bao 3 as the production iteration of the Super 3 concept, showcasing the model in nine images on Weibo, featuring three exterior hues: black, white, and green, CnEV Post reported.

Check This Out: BYD Remains Dominant In China’s NEV Market In May, Tesla Makes Significant Gains: Report

Yesterday, China’s Ministry of Industry and Information Technology (MIIT) unveiled its newest catalog of models open for public comment on sales approval, featuring the Bao 3 and its core specifications.

Inclusion in the catalog marks the final regulatory step for selling a model in China, CnEV Post added.

The catalog lists one all-electric version of the Bao 3 with five seats. It measures 4,605 mm long, 1,900 mm wide, and 1,720 mm high, with a wheelbase of 2,745 mm.

Also Read: BYD’s FinDreams Secures Role In Tesla’s Shanghai Factory, Targeting Over 20% Market Share: Report

BYD is Tesla Inc’s (NASDAQ:TSLA) biggest competitor in China.

In the last quarter of 2023, BYD took over Tesla in battery electric vehicle (BEV) sales by selling 526,000 BEVs, surpassing Tesla’s global delivery count of 485,000. However, unlike Tesla which sells only BEVs, BYD also makes hybrids.

The report added that the vehicle is equipped with dual electric motors, with the front motor delivering a maximum power of 110 kW and the rear motor 200 kW.

The plug-in hybrid Bao 5 was formally introduced on November 9, 2023, with deliveries commencing on November 23 of the same year.

Price Action: BYD shares are trading lower by 1.16% at $57.98 at the last check on Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Company