BYD, a Tesla rival, introduces an electric supercar priced at $233,000, challenging Ferrari.

• This weekend, BYD, a Chinese automaker, unveiled a new electric supercar capable of reaching speeds comparable to high-end models from industry leaders like Ferrari.
• Last year, BYD's luxury brand Yangwang incepted the U9, which will now be released as part of the brand.
• Tesla faces intense competition from BYD on the global electric vehicle market.

BYD, a Chinese automaker, revealed a new electric supercar that can achieve speeds comparable to those of high-end models from major companies like Ferrari over the weekend.

BYD's luxury brand Yangwang, launched last year, will include the U9 supercar among its three vehicles.

The U9, as per BYD, will have a top speed of 309.19 kilometers per hour or 192.12 miles per hour and will be able to accelerate to 100 kilometers per hour in 2.36 seconds.

The hybrid SF90 Stradale model by Ferrari can accelerate to 100 kilometers per hour in 2.5 seconds, as stated on the company's website.

BYD announced that the U9 will have a starting price of 1.68 million Chinese Yuan ($233,424) and deliveries will commence this summer, according to a press release.

The e4 Platform and DiSus-X Intelligent Body Control System will power the U9, as per the company's statement.

The U9, like previous BYD cars, will use a lithium iron phosphate battery, or LFP, which is popular among EV makers due to its affordability and lack of need for expensive metals like cobalt. China is a major producer of LFP batteries.

In 2023, BYD produced approximately 3 million new-energy vehicles, with over half being battery-only passenger cars and the remaining half being hybrid vehicles. A significant portion of BYD's cars were priced in the lower range, with some of the company's most popular models starting at just 73,800 yuan.

BYD's primary emphasis is on manufacturing and sales in China, but the company is aiming for global expansion. Last year, it announced plans to establish its first factory in Europe, and on Monday, the Hungarian government confirmed that Prime Minister Viktor Orban had met with BYD leaders to discuss the production plant.

The European Union and the U.S. government are considering expanding their local electric vehicle industries, but there are still uncertainties about the scope of international expansion.

The Chinese government has supported the expansion of Chinese electric vehicle makers internationally through subsidies, as Beijing encourages further growth in the industry.