(Yicai) March 16 -- BYD is considering entering top-tier motorsport, including Formula 1, according to a source close to the Chinese new energy vehicle giant.

BYD is assessing the feasibility of debuting in F1 and endurance racing and has not made a final decision, the source told Yicai, citing comments made by Executive Vice President Stella Li. The move would be in line with BYD’s long-term technology-first strategy, Li reportedly said.

Speculation on social media claims BYD is considering two potential routes into F1 -- acquiring an existing team or building a brand-new new one. The Shenzhen-based company is more inclined toward the acquisition route, it is said.

A number of factors may lie behind BYD’s interest in motorsport, according to industry insiders. Competitive motor racing could allow the firm, which bills itself as “technology-driven,” to transfer advanced racing technologies to mass-market vehicles, potentially driving sales. At the same time, it could raise brand awareness among consumers both domestically and overseas.

BYD first dipped a toe in motorsport in 2014, when its Qin brand entered the China Rally Championship. The company has competed in the CRC for many years since, doing well in the hybrid category.

BYD will invest CNY5 billion (USD725 million) to build the world’s first all-terrain professional racetrack, Chairman Wang Chuanfu said at the BYD Technology Dream Day event on Jan. 16 last year.

Editor: Futura Costaglione