Chinese automaker BYD has introduced its latest innovation, the U9 electric supercar, positioning itself as a formidable competitor to high-end models from automobile industry giants like Ferrari.

Part of BYD's luxury brand Yangwang, launched just last year, the U9 boasts impressive performance metrics. BYD says the U9 can reach 309.19 kph (192.12 mph) and accelerate from 0 to 100 kph in 2.36 seconds, rivaling Ferrari's hybrid SF90 Stradale, according to CNBC.

With a starting price of 1.68 million yuan ($233,424), deliveries of the U9 are set to commence this summer. The BYD e4 Platform and the DiSus-X Intelligent Body Control System are both found inside the U9, along with a lithium iron phosphate (LFP) battery that is well-known for its affordability.

BYD Eyes Global Expansion

BYD has concentrated on manufacturing and sales in China but intends to expand globally. Last year, BYD revealed ambitions to build its first European facility. Recently, Hungarian Prime Minister Viktor Orban met with BYD executives to discuss establishing a manufacturing site.

Over 3 million electric cars were manufactured by BYD last year. These included 1.6 million battery-only passenger vehicles, demonstrating the company's commitment to sustainable mobility.

In January, BYD produced over 3 million new energy vehicles in 2023, beating Tesla for the second year. Tesla targeted to produce 1.84 million vehicles. Although somewhat behind projections, BYD sold 3.02 million new energy cars last year.

Amid the intensifying competition, Tesla CEO Elon Musk has expressed confidence in the global potential of Chinese EV manufacturers. The tech mogul acknowledged Chinese companies as the most competitive globally and predicted significant success beyond China, provided there were no trade barriers or tariffs.

Elon Musk suggested that, without trade barriers, Chinese EV makers could outperform most global companies.

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The European Commission is examining Chinese EV producer subsidies, and the EU may consider tariff adjustments as Chinese EVs enter the European market. Musk has previously praised Chinese EV makers, envisioning them as major global players.

Recently, Chinese consumer electronics firms Xiaomi and Huawei have entered the EV arena and unveiled their respective electric vehicle products.

(Photo : YASUYOSHI CHIBA/AFP via Getty Images) Chinese electric vehicle brand BYD displays the electric vehicle 'Seal' during the Indonesia International Motor Show (IIMS) at the Jakarta International Expo in Jakarta on February 24, 2024.

Chinese EV Maker Invests in AI

Meanwhile, Chinese EV maker Xpeng plans to recruit 4,000 new workers and spend $486.2 million on AI in 2024. CEO He Xiaopeng stressed the necessity for strategic investments in the EV business due to fierce competition. Xpeng will invest in "intelligent driving" technologies like Xpilot.

TechTimes reported that Xpeng sees 2024 as a turning point for Chinese electric vehicle producers despite hurdles. Xiaopeng trusted Xpeng to succeed in the industry's competitive environment. This growth contrasts with the cost-cutting actions other rivals have taken in reaction to heightened competition.

In 2023, Volkswagen announced its plan to invest $700 million in Xpeng to own 4.99% of the Chinese EV firm.

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