BYD has debuted its most expensive car on Sunday, a US$233 450 (R4.5-million) high-performance fully electric supercar pitted against petrol-guzzling options offered by rivals such as Ferrari and Lamborghini.
The Yangwang U9 will initially be for the China market, the company said at a live-streamed event in Shanghai. The car can hit 100km/h in 2.36 seconds and reach a top speed of 309km/h, it said.
BYD became the biggest EV seller globally, 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 a million yuan.
Read: Lamborghini will spend billions electrifying its supercars
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 C¥1.1-million. The company has delivered 3 653 units as of the end of January. — Danny Lee, with Ocean Hou, (c) 2024 Bloomberg LP