Chinese automotive giant BYD has responded to mounting speculation linking the company with Formula 1.

The manufacturer has recently been linked with plans to become the sport’s twelfth team, with former Red Bull boss Christian Horner among the names rumoured to be involved should the project move ahead.

However, speaking to media including Soy Motor at the Goodwood Festival of Speed, BYD executives insisted no Formula 1 program currently exists.

“No, no, there is no project,” executive vice president Stella Li said.

“I said there is no immediate project in mind. The dream is always there, but we don’t have a concrete agenda.”

Special advisor Alfredo Altavilla, meanwhile, said BYD would only consider Formula 1 if it made technological sense for the company.

“We only consider Formula 1 to the extent that our technology can serve the purposes of Formula 1,” he said.

“We will never participate in Formula 1 just to put a sticker on the side of a car.

“There are better ways to invest that money.”

Altavilla added that the company’s position could change depending on the direction of Formula 1’s next engine regulations.

“If we can find a way to become technology partners with Formula 1, we might be interested.

“Then we need to find a solution. But that’s a prerequisite.

“So let’s see how these new rules develop.”

The comments come as the FIA pushes towards a simpler post-2030 engine formula centred on V8 power with a reduced hybrid component, although the final regulations have yet to be agreed.