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BYD Co.<\/a>\u00a0debuted 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\u00a0Ferrari NV<\/a>\u00a0and\u00a0Lamborghini<\/a>.<\/p>\n 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.<\/p>\n Read more: BYD unveils $230,000 supercar and $14,000 hatchback in same week\u00a0<\/a><\/p>\n BYD<\/a> became the biggest EV seller globally,\u00a0overtaking<\/a>\u00a0Tesla<\/a> 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.<\/p>\n With a post-Lunar New Year price war\u00a0looming\u00a0<\/a>in China, the Shenzhen-based giant is betting there remains a market for high-end products which deliver better margins.<\/p>\n Other\u00a0pricey<\/a>\u00a0EVs under the Yangwang brand are due to launch\u00a0later<\/a>\u00a0this year in China including a luxury sedan that will cost around 1 million yuan.<\/p>\n Read more: With carmakers in a \u2018state of shock\u2019 over Tesla-beating BYD\u2019s prices, EU investigators will visit China\u2019s EV giants as part of an anti-subsidy probe<\/a><\/p>\n 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.<\/p>\n \u2014 With assistance from Ocean Hou<\/em><\/p>\n<\/div>\n\nSubscribe to the Eye on AI newsletter to stay abreast of how AI is shaping the future of business. Sign up<\/a> for free.<\/div>\n<\/div>\n