BYD, the world’s largest electric car maker, has launched a $233,450 battery-powered supercar that rivals not only Tesla but also luxury gas-powered cars sold by Ferrari and Lamborghini.
The high-performance EV, dubbed the Yangwang U9, will initially be sold exclusively in the Chinese market, where BYD is based, the company said in an event livestreamed from Shanghai on Sunday. bloomberg.
BYD’s most expensive product to date, the Yangwang U9, can reach 102 mph in 2.36 seconds and has a top speed of about 302 mph, Bloomberg reports.
U9 is Yangwang’s second model. The first is his U8, which sells for $150,000, with deliveries beginning in late November.
As of the end of January, the company had delivered 3,653 units of the U8, an electric luxury SUV that can spin to 102 mph in 3.6 seconds, according to Bloomberg.
BYD said at the U9 launch event that the two-door coupe will be available across the Chinese market in mid-2024.
It was not immediately clear when the U9 would go on sale in other global markets. The Post has reached out to BYD for comment.
The Chinese automaker, best known for its affordable EVs, announced earlier this month that it plans to launch several luxury vehicles in the coming months, aiming to gain a “leading position in the high-end market” similar to the modern car market. He said he plans to announce. market.
In the quarter ended December 31, BYD lost the top EV spot from Tesla.
Besides targeting China’s vast population, BYD currently ships most of its EV models to North America, Mexico and Costa Rica, and some European markets, including the UK, Germany, and Norway.
The vehicle is also sold in Singapore, Thailand, UAE, Japan, Australia and Brazil.
The Warren Buffett-backed automaker has vaulted into pole position largely by undercutting Tesla’s lofty prices.
For example, Tesla’s all-electric midsize SUV, the Model Y, costs about $65,400, while BYD’s Atto 3 sells for $48,880 to $51,011, depending on battery size.
BYD also offers a mass-produced model that costs much less than Tesla’s cheapest Model 3 sedan in China.
But BYD’s stock price has yet to reap the benefits, with the company’s Hong Kong-listed shares down more than 12% since the beginning of the year.
Analysts say this decline is due to concerns about a decline in demand in the EV market, which could force companies to cut prices and reduce profit margins.
At the time of writing, BYD is trading at $47.03 per share, down 1.3% from the previous trading day.
