China’s BYD Reveals $230K Electric Supercar to Rival Ferrari

According to Bloomberg, Chinese auto manufacturer BYD unveiled a high-performance electric supercar worth 1.68 million yuan (about $230 thousand), capable of competing with supercar manufacturers like Ferrari and Lamborghini, on the 25th (local time).

BYD unveiled the Yangwang U (Ultimate) 9 at an event in Shanghai on the 25th (local time). It’s a supercar that can reach a speed of 100 km per hour in just 2.36 seconds. The top speed is 309.19 km per hour. This pure electric vehicle (EV) model has the distinctive feature of a lithium iron phosphate (LFP) battery. Most existing EV supercars operate on nickel-cobalt manganese (NCM) batteries.

The price of this electric car is 1.68 million yuan (about $230 thousand), and the Yangwang U9 is expected to be launched first in the Chinese market in November.

BYD has been increasing its market share in the low-cost electric car market, but recently, it has been attracting attention by launching luxury brands. The models unveiled include Yangwang and Pangchengbao; the only model launched is the Yangwang U8. The price of the Yangwang U8 is 1.1 million yuan (about $153 thousand). As of the end of January, 3,653 units have reportedly been sold.

BYD climbed to the top of the world’s electric car companies for the first time in the fourth quarter of last year, as its EV sales volume surpassed Tesla.

The domestic Chinese market’s reaction is positive. “BYD has opened a new era in the Chinese supercar market,” a Chinese automotive magazine stated. “Chinese brands are producing good cars and luxury cars, even supercars.”