BYD Co. debuted its most expensive car on Sunday, a 1.68 million yuan ($233,450) high-performance fully-electric supercar pitted against gas-guzzling options offered by rivals such as Ferrari NV 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 100 km/h (62 mph) in 2.36 seconds and reach a top speed of 309.19 km/h, it said.

Read more: BYD unveils $230,000 supercar and $14,000 hatchback in same week 

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 1 million yuan.

Read more: With carmakers in a ‘state of shock’ over Tesla-beating BYD’s prices, EU investigators will visit China’s EV giants as part of an anti-subsidy probe

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.

— With assistance from Ocean Hou

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