BYD's Fang Cheng Bao brand launched its first sedans on 16 September 2026, and the number worth reading is not the sticker price. It is the distance between the sticker and what the brand was asking for the same cars four weeks earlier.
The Formula S opens at 189,900 yuan. When pre-orders opened on 20 August, Fang Cheng Bao guided to a range of 230,000 to 280,000 yuan. The launch price undercuts the floor of its own guidance by 40,100 yuan — 17.4% — before a single car has been delivered.
The full lineup
| Model | Variants | Price range (yuan) |
|---|---|---|
| Formula S | 5 | 189,900 - 229,900 |
| Formula S GT | 4 | 219,900 - 239,900 |
| Pre-order guidance, 20 August | both | 230,000 - 280,000 |
Every Formula S variant except the top one now sits below the cheapest price the brand floated in August, and the GT range starts exactly where the pre-order range did.
Range and charging
Both cars use BYD's second-generation Blade Battery with the flash-charging architecture the group has been rolling out across its brands.
| Variant | Battery | CLTC range |
|---|---|---|
| Formula S entry | 76.744 kWh | 730 km |
| Formula S long-range RWD | 92.093 kWh | 900 km |
| Formula S AWD | — | 750 km |
| Formula S GT RWD | — | 850 km |
| Formula S GT AWD | — | 730 km |
Rear-drive cars get 245 kW (329 hp) or 300 kW (402 hp); the all-wheel-drive versions are quoted at 490 kW (657 hp) combined. Driver assistance is BYD's "God's Eye B" tier with lidar, covering highway and urban navigation-on-autopilot.
The charging claim — 10-70% in five minutes, 10-97% in nine — is the same one BYD made for the Qin Max in August, and it carries the same footnote. Those times need BYD's own megawatt flash chargers, which exist in volume only in China. BYD passed 10,000 flash chargers domestically and has only begun building them abroad. On a normal Chinese public DC charger, the car charges like a normal car.
How it sits against the Model 3
Tesla's Model 3 rear-wheel drive has listed in China at 235,500 yuan, the entry point of a four-version range running to 339,500 yuan, since a price revision earlier in 2026. On that comparison the Formula S opens 45,600 yuan beneath it.
The comparison flatters the Formula S in one direction and understates it in another. At 5,060 mm long on a 2,960 mm wheelbase, this is a full-size sedan — 340 mm longer than a Model 3, and longer than the Xiaomi SU7 that Chinese coverage names as its other target. Tesla is not being undercut within its segment here. It is being undercut by a bigger car from below, which is the harder version of the problem.
What it does not do is arrive in Europe. Fang Cheng Bao does not sell here, and nothing announced on 16 September changes that.
Why it still matters
China is where Tesla's pricing power is tested first, and the pattern of the last month is the point: a brand guides high at pre-order, reads the room, and launches 17% lower. Tesla has been moving the other way, pricing the Model Y Performance in China at 369,000 yuan after three months of declining sales. A rival cutting 40,100 yuan off its own guidance before launch is a statement about what it expects the market to bear — and that expectation is what Tesla has to price against.