THE BREAKDOWN:
- BYD wants to go racing and is exploring several motorsports series.
- The automaker is considering entering Formula 1 and the World Endurance Championship.
- It could start its own team or acquire an existing one.
Chinese automaker BYD wants to go racing. According to a new report, the company, which makes the ultra-cheap Seagull electric vehicle, is allegedly exploring several potential motorsport series, including the World Endurance Championship and Formula 1.
According to "people familiar with the matter" who spoke with Bloomberg, BYD is open to starting its own team or buying an existing one. If successful, BYD would be the first Chinese automaker in the elite racing series, giving local Chinese Grand Prix attendees a team to cheer for.
Mohammed Ben Sulayem, the head of the FIA that governs F1 and WEC, has said previously he’s open to accepting a Chinese team. But there are hurdles. One person who spoke to Bloomberg said the cost of entering F1 could dissuade the automaker from doing so.
Starting a team from scratch could cost hundreds of millions of dollars—and then there is the potential pushback from existing teams and Formula One Management. When Cadillac tried to enter F1 in late 2023, the FIA approved, but FOM denied it a few months later. Maybe BYD will receive a warmer welcome.
Motor1’s Take: Entering Formula 1 would expose BYD to new audiences worldwide, but the costs of entering and competing are high. Making an honest bid to compete in F1 requires hundreds of millions of dollars and the dedication to stick with it, which could be too big an endeavor for BYD right now.
Source: Bloomberg
