BYD, the Chinese EV maker has now installed the advanced driver assistance across most of its models without any additional charges. This is what resulted in its stock soaring unboundedly toward great heights.
The new ‘God’s Eye’ branded flagship driver assistance technology of the company may now be availed at an inaugural price of 69,800 yuan ($9,555) for its Chinese customers.
According to analysts, this move might add spice to the already hot price wars going on in the world’s largest auto market. When trading started on Tuesday in Hong Kong, BYD shares jumped over 4% hitting an all-time high record. Refinitiv data shows it quoted RMB 330 ($42) as the latest trading price.
Wang Chuanfu, the chairman of BYD, during an event at the Shenzhen headquarters, said, “Everyone will have intelligent driving by the dawn of 2025.”
Wang predicted, “Commonly found on every car within three years, seat belts, and airbags will soon be joined by advanced intelligent driving features.” Earlier the ‘God’s Eye’ system was launched to give a boost to navigation in cars in 2023. It then, was accessible only for BYD models above $30,000.
According to Wang, referring to state-linked media sourcing Cailianshe, BYD is currently sixth in global passenger car sales and Geely Auto sits at the tenth spot.
According to the China Passenger Car Association, the company also dominates the Chinese market with more than 32% of new energy vehicle sales in total for the year 2024.
Tesla has rolled out similar Full Self-Driving features in the U.S. for a monthly fee of $99 or a one-time payment of $8,000. It is the main rival of BYD and is seeking approval to conduct trials in China.
In addition to Tesla, BYD’s announcement is likely to have reduce pressure on other local rivals such as Xpeng and Geely Auto.
Business Journalist
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