Tesla's China Rival BYD Raises Luxury Game With $233K EV Supercar To Rival Ferrari And Lamborghini

In a bold move, BYD Co. BYDDF  BYDDYhas unveiled its most expensive vehicle to date, a fully electric supercar valued at $233,450. This is seen as a direct challenge to traditional supercar manufacturers like Ferrari NV and Lamborghini.

What Happened: The Yangwang U9, introduced at a live-streamed event in Shanghai, is primarily targeted at the Chinese market, as per a Bloomberg report.

This supercar can achieve a speed of 100 km/h (62 mph) in 2.36 seconds and has a maximum speed of 309.19 km/h (192 mph).

Notably, BYD stole the crown of the largest BEV seller worldwide last year and is primarily known for its affordable EV range. Yet, the company markets its luxury models under the Yangwang and Fang Cheng Bao brands.

The Shenzhen-based company anticipates a price war in China following the Lunar New Year and is counting on the high-end product market for better profit margins.

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More luxury EVs under the Yangwang brand, including a luxury sedan costing around 1 million yuan (about $140,000), are slated for launch later this year in China. Yangwang began delivering cars in late November and has so far produced a luxury sports utility vehicle known as the U8, priced at 1.1 million yuan.

Why It Matters: BYD’s foray into the high-end EV market follows a series of strategic moves by the company. Earlier this month, the company announced a new stock buyback plan and the expansion of its luxury car production to counter a recent stock price slump.

In January, BYD announced its venture into the luxury car market with a series of high-end EVs, including a Lamborghini-style supercar and an SUV with unique features such as a 360-degree rotation and the ability to float in water.

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Photo courtesy: BYD