Formula 1 could welcome its first Chinese team in the coming seasons with electric vehicle giant BYD planning to enter the sport.

The carmaker is looking into a minority stake in an existing team or potentially launching a completely new team.

BYD has also reportedly approached Christian Horner, the former team principal of Red Bull Racing, after he met with Stella Li, executive vice-president, and Chairman and Chief Executive Wang Chuanfu at a company event in Cannes.

Reports first emerged in March that BYD was exploring entry into F1.

Li said at the time: “Do not be surprised, we are still researching this possibility. Getting involved in the world’s top-level motorsport series would fit our technology-first strategy.”

In April, Li said BYD was examining three options: forming its own team, becoming a power unit supplier or entering as a major F1 partner.