Will a Chinese branded car with a starting price of $230,000 become a more common sight in the future? After overtaking Tesla as the world’s largest electric-vehicle maker last year, BYD has started releasing higher end models, the latest being its Yangwang U9 electric sports car with that price tag, to try its luck in the high-end luxury segment.

Catching up with the formidable branding power of the likes of Ferrari is a tall order. But there is a strategy behind the Chinese electric vehicle giant’s move to widen its range of offerings — not only by price point but also by fuel type.

Along with the U9 sports car, BYD has launched new versions of its plug-in hybrid cars and an aggressive marketing drive to expand in this market. Hybrids, equipped with both batteries and a traditional internal combustion engine, may seem to some like a step backwards for the world’s best-selling EV maker.