BYD launched the Formula S electric sedan and GT under its Fang Cheng Bao sub-brand, starting at under $29,000 and undercutting Tesla's Model 3. Both models feature Blade Batteries, Flash Charging technology enabling 10-70% charge in 5 minutes, and advanced driver assistance systems.
In August, BYD led China's NEV exports with 35.4% market share and 183,746 vehicles, while Tesla slipped to fourth place with a 7.0% share after exports fell 45.5% month-on-month. Geely surged to second with 13.5% share, and Chery held third with 13.2% share.