- BYD Co. unveiled its latest flagship, the Yangwang U9, a high-performance electric supercar priced at 1.68 million yuan ($233,450), directly challenging traditional gas-powered sports cars from competitors like Ferrari NV and Lamborghini. Initially targeting the Chinese market, the U9 boasts impressive specs, with acceleration from 0 to 100 kilometers per hour (62 mph) in just 2.36 seconds and a top speed of 309.19 km/h. Despite its reputation for affordable electric vehicles (EVs), BYD is expanding its luxury offerings under brands like Yangwang and Fang Cheng Bao.
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As it gears up for a potential post-Lunar New Year price competition in China, BYD is banking on the demand for high-end EVs that promise better profit margins, reflecting its ambition to capture diverse segments of the automotive market. In a move to boost investor confidence, BYD Chairman Wang Chuanfu proposed doubling the company's buyback of its China-traded shares to 400 million yuan. This announcement coincided with a surge in BYD's Hong Kong-listed shares, signaling positive sentiment despite recent market concerns over EV demand.
Why it matters
Additionally, BYD is strategically cutting prices and refreshing its lineup, targeting combustion engine competitors while expanding its global reach, as evidenced by the arrival of its first EV-carrying ship in Europe.
