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Shares of Chinese carmakers XPeng Inc. (NYSE:XPEV) and Geely Automobiles (OTC:GELYF) fell on Tuesday after Chinese EV giant BYD Co. (OTC:BYDDY) launched smart driving features on vehicles priced as low as $10,000.
What Happened: BYD on Monday rolled out an advanced driver-assist system called “God’s Eye” that it intends to install on a range of cars, including its low-cost Seagull hatchback priced under $10,000, for no added cost. The company began sales of 21 models equipped with the technology soon after the event.
BYD founder Wang Chuanfu said at the event that the company sees smart driving features becoming an essential part of cars like seatbelts or airbags.
The company also said that is integrating DeepSeek’s artificial intelligence into at least the most advanced version of the new driver-assistance system.
Why It Matters: Driver assistance features are usually reserved for more premium EVs. Tesla, BYD’s American rival, also charges additionally for its driver assistance technology called Full self-driving (FSD) in the U.S. FSD, however, is not available in China.
Chinese EV startup Xpeng’s Hong Kong-listed shares are down 9% at HK$61.65. Its NYSE-listed shares also dropped 6.1% in pre-market trading in fear of heightened competition.
Xpeng offers advanced drive assistance features on its vehicles but not on vehicles as affordable as BYD’s Seagull hatchback.
Hong Kong-listed shares of Geely Automobile also fell 10.3% to HK$15.9.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
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