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(Feb 26): BYD Co debuted its most expensive car on Sunday, a 1.68 million yuan (RM1.1 million) 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 100km/h (62mph) in 2.36 seconds and reach a top speed of 309.19km/h, it said.

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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.

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Other pricey EVs under the Yangwang brand are due to launch later this year in China, including a luxury sedan that will cost around one 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.

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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.

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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.

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Wow, China EV compete with rivals such as Ferrari NV and Lamborghini.