Warren Buffett-Backed BYD Takes On Tesla With Lamborghini-Style Supercar And SUV With 360-Degree Rotation

BYD Co Ltd BYDDF BYDDY, a Chinese electric vehicle (EV) manufacturer, is venturing into the luxury car market with a series of high-end EVs, including a Lamborghini-style supercar and an SUV with unique features.

What Happened: BYD, a company backed by billionaire investor Warren Buffett, has expanded its EV lineup to over 20 models, targeting both the international and high-end market, reported The Wall Street Journal.

BYD has already surpassed Tesla Inc TSLA as the world’s leading EV seller, with a focus on affordable cars. The company is now shifting its strategy to produce unconventional, high-priced vehicles under a new brand, Yangwang.

These new models include a $150,000 supercar, resembling a Lamborghini, and an SUV with unique features such as a 360-degree rotation and the ability to float in water. These features are designed to attract buyers in China’s competitive car market, where cutting-edge technology is highly sought after.

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Despite Tesla’s strong global demand for its Model 3 and Model Y cars, its market share in China, the world’s largest EV market, has been declining. BYD now sells five cars for every one Tesla sells in China, thanks to its rapidly expanding portfolio of over two dozen EV models.

BYD’s success in its home market has enabled it to overtake Tesla as the top global EV brand. The company is now looking to replicate this success on the international stage, with ambitious export and expansion plans in countries such as Thailand, Australia, Israel, and Europe.

Why It Matters: BYD’s move into the luxury EV market comes on the heels of its recent achievements in the EV industry. The company has surpassed Tesla in EV sales, selling a record 526,000 battery-only vehicles in the last quarter of 2023. This milestone underscores the rapid growth and intensifying competition in the EV market.

BYD’s success is further highlighted by its recent collaboration with tech company DJI to develop the world’s first vehicle-mounted drone. This innovative product, showcased at BYD’s headquarters in Shenzhen, integrates an unmanned aircraft system into an automotive-grade drone bay, offering high-definition, high-frame, and low-latency image transmission.

Despite these achievements, BYD faces challenges in the international market, including a subsidy probe in Europe and limited access to the U.S. market. The company is also looking to expand its export business, to export 400,000 cars abroad this year.

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