BYD Co. should be the first Chinese automaker to enter Formula One. A spot on the grid would immediately boost its global profile at a time it needs it most — the domestic market is contracting. And competing successfully could confer on the brand something it doesn’t have: emotional equity.

The company confirmed to Bloomberg News earlier this month that it was examining options to enter competitive motorsport. It could be perilous reputationally if the endeavor flops. Still, by joining the race, the world’s biggest maker of electric vehicles will have a shot at achieving what 30 years of relentless iterating and cost cutting hasn’t been able to — building genuine global desirability for its cars. Like most Chinese vehicles, BYD models are seen at home and abroad as technologically advanced and offering good value for money. But there’s nothing sexy about the brand. That’s a perception the company should be trying to reverse.

© Bloomberg