BYD, Tesla’s Chinese rival, has unleashed its latest effort to corner the electric vehicle market with a new “supercar” — one that comes with a steep price tag.
The world’s largest automaker by sales — a title acquired after defeating Elon Musk’s Tesla last fiscal quarter — on Monday revealed the Yangwang U9 electric supercar. BYD plans to start delivering the $233,000 sports car in summer 2024.
The U9 — BYD’s most expensive vehicle and second under the high-end Yangwang brand — has a top speed of 192 miles per hour and can reach 62 miles per hour in just 2.36 seconds, according to the Shenzhen, China-based company.
It’s part of BYD’s efforts to capture a larger share of the high-end market as interest in EVs wanes among consumers. On Feb. 18, BYD said it plans to launch several “high-end luxury” models in 2024.
BYD is primarily known for its budget-friendly options, which helped fuel its explosive sales growth last year. On Friday, the automaker launched its 2024 Dolphin Honor Edition hatchback in China, a model nearly 5% cheaper than its predecessor.
The company also kicked off the EV industry’s latest price war on Feb. 19 by announcing “Glory” editions for two of its sedans. Several automakers, including a General Motors-backed venture and Changan Automobile, quickly issued their own price cuts, according to the South China Morning Post. BYD is also expected to launch new models under its namesake brand later this week.
BYD is also looking to expand globally, with plans to build a new factory in Hungary and revitalize a manufacturing hub in Brazil. China has heavily encouraged its domestic automakers to expand overseas through subsidies and other measures, which spurred an investigation from European Union authorities.
BYD on Sunday said it could repurchase 400 million yuan ($56 million) in shares, roughly doubling a previously proposed stock buyback announced in December, according to a regulatory filing. The buyback would “better safeguard” the interests of shareholders, enhance investor’s confidence and improve BYD’s value, BYD Chairman Wang Chuanfu said in a statement.
BYD stock climbed almost 4% in Monday morning trading.