No, a Red Panda is a lot smaller and lives in a similar way to a Lemur. The Panda that you are probably thinking of is the Giant Panda (black and white) and spends approximately 14 hours consuming food whereas a red panda consumes on average 13 hours.
Addendum to above answer:
Red pandas are "real" but the most well known panda is the giant panda. Giant pandas are native to China while red pandas are native to the Himalayas, China, Nepal, Myanmar, and India. Both animals feed on bamboo.
The zoo.
eating and sleeping
trees
Wiki
red pandas are red and black and white pandas are black and white
pandas can be red?
Red pandas are a reddish brown.
Like giant pandas, red pandas primarily eat bamboo.
Technically, yes red pandas are pandas. In fact they were the very first pandas. The other pandas were named after it.
red pandas and giant pandas
Yes, red pandas are mammals.
Red pandas are endangered.