How the Red Panda Got Its Name

The koala bear is not a bear, the raccoon dog is neither a raccoon nor a dog, and the horned toad is no toad at all. So is a red panda actually a panda? Yes! We call it a red panda to distinguish it from the giant panda, which is actually a bear. The giant panda was given its English name 40 years after the red panda was scientifically described, and besides it had already been called a panda for a long time. 

The species name Ailurus fulgens means "shining cat." But we call them red pandas, cat bears, Himalayan raccoons, fire foxes, lesser pandas, or wahs. Wah is a confusing name, but probably as accurate as calling them pandas. It's sort of derogatory to call them lesser pandas, since the giant panda is the one that's not a panda. You have to wonder how these two very different animals were associated with each other in the first place. The Chinese name for a giant panda means big bear cat, which is two-thirds accurate. The red panda's name in Chinese is small bear cat, which is only one-third accurate. They are small, but they are not lesser. They are pandas. (via The Ark in Space)