You may not have realized it, but Chinese automaker BYD (which stands for «Build Your Dreams») sells more electric vehicles than any other company in the world—including Tesla. And now that they dominate the EV market, they may have their sights set on dominating racetracks, as well. According to a recent report by Bloomberg, BYD is looking to enter the world of motor racing— and the company is considering everything from Formula 1 to the FIA World Endurance Championship.
People familiar with the matter told Bloomberg said that BYD is considering entering competitive motorsports in order to boost their global appeal. The company is reportedly open to building their own team from scratch, or acquiring an existing race team. It would be an unusual move for a Chinese automaker, as the country rarely fields racing organizations for international series.
One of the people familiar with the matter reportedly told Bloomberg that the cost of entering Formula 1 is a significant barrier to entry. It could cost as much as $500 million per season to run an F1 team, although the investment could pay off as a BYD team would certainly heighten brand awareness around the globe.
Beyond the price involved, getting approved to compete in Formula 1 is not an easy process. We recently saw this play out with the Cadillac Formula 1 team. General Motors and Andretti Global’s application was rejected in January of 2024, and it took until March 2025 to get approved for the 2026 season. It may be quicker and easier for BYD to buy an existing team, but Formula 1 teams don’t come up for sale every day.
BYD certainly knows how to build fast cars; their Yangwang U9 Xtreme claims to be the fastest production car in the world with a top speed over 308 mph. Of course, building a competitive race car is a whole different animal. We’ll have to wait and see if the Chinese automaker is able to join the ranks of Formula 1; In the meantime, we can enjoy the 2026 championship … the next round of which, coincidentally, takes place this weekend in China.
