BYD’s New $233,450 EV Supercar To Rival Ferrari, Lamborghini
BYD Co. debuted its most expensive car on Sunday, a 1.68 million yuan ($233,450) high-performance fully-electric supercar pitted against gas-guzzling options offered by rivals such as Ferrari NV and Lamborghini.
![A BYD Co. Yangwang U9 electric vehicle in Shenzhen, China, on Tuesday, Jan. 16, 2024. BYD debuted its most expensive car on Sunday, a 1.68 million yuan ($233,450) high-performance fully-electric supercar pitted against luxury gas-guzzling options offered by rivals such as Ferrari NV and Lamborghini.](https://media.assettype.com/bloombergquint%2F2024-02%2Fda00292a-613a-4397-8ea8-1d8e635be53b%2F_1x_1.jpg?auto=format%2Ccompress&w=200)
(Bloomberg) -- BYD Co. debuted its most expensive car on Sunday, a 1.68 million yuan ($233,450) high-performance fully-electric supercar pitted against luxury gas-guzzling options offered by rivals such as Ferrari NV and Lamborghini.
The Yangwang U9 will initially be exclusively for the China market, the company said at a live-streamed event in Shanghai. The car can hit 100 km/h (62 mph) in 2.36 seconds and reach a top speed of 309.19 km/h, it said.
BYD became the world’s biggest EV seller — overtaking Tesla — in the last quarter of 2023. While it is better known for making affordable EVs, the company markets its luxury models under the Yangwang and Fang Cheng Bao brands.
With a post-Lunar New Year price war looming in China, the Shenzhen-based giant is betting there remains a market for high-end products which deliver better margins.
Other pricey EVs under the Yangwang brand are due to launch later this year in China, including a luxury sedan that will cost around 1 million yuan.
Yangwang started delivering cars in late November. It has one production model so far, a luxury sports utility vehicle known as the U8 which costs 1.1 million yuan. The company has delivered 3,653 units as of the end of January.
![WATCH: Tesla has been overtaken by BYD as the world’s top selling EV maker. Here are the most important things that have made BYD the king of EVs.Source: Bloomberg](https://media.assettype.com/bloombergquint%2F2024-02%2F830186a4-bd06-49b2-a764-4c789a86aa7f%2F_1x_1.jpg?auto=format%2Ccompress)
BYD shares jumped as much as 4.7% in Hong Kong on Monday, after Chairman Wang Chuanfu proposed doubling a buyback of its China-traded shares to 400 million yuan. The company said the move could boost investor confidence, and stabilize and enhance the company’s value.
The automaker’s Hong Kong-listed shares have fallen 12.0% this year as investors punish EV stocks over concerns sagging demand is forcing companies to cut prices, and impact margins.
The company is rolling out refreshes of its existing line-up using the tagline “electricity is cheaper than oil,” cutting prices as well. Morgan Stanley said in a Feb. 19 note that the move is likely targeting combustion engine brands and models including Nissan Motor Co. and Toyota Motor Corp.
Separately, BYD’s first EV-carrying ship docked in Vlissingen, in the Netherlands, last week, concluding an approximate six-week journey from China carrying the company’s newest exports to the European continent.
--With assistance from Ocean Hou and Charlotte Yang.
(Adds share price in seventh paragraph.)
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