On Tuesday, BYD Co. Limited (BYDDF:OTCPK), the world’s largest electric car maker, unveiled its highly anticipated AI-powered smart car system, marking a strategic move to outpace rivals in cutting-edge technologies, particularly in the realm of automated parking.
The Xuanji smart car system boasts the capability to “perceive changes inside and outside the vehicle in milliseconds,” a feat that BYD claims significantly enhances driving safety and comfort. In an official statement on Tuesday, the company highlighted the integration of the AI Large Model within the system, possessing the industry’s most extensive data foundation. This incorporation empowers the Integrated Vehicle Intelligence system with the unprecedented capacity for continuous adaptation.
The introduction of this advanced smart car system is poised to accelerate the transformation of the auto industry, according to Wang Chuanfu, Chairman and President of BYD. Speaking at the company’s Dream Day event, Wang Chuanfu emphasized the pivotal role the Xuanji system will play in reshaping the landscape of smart car technologies.
Surpassing Tesla (TSLA) as the world’s top-selling EV brand in the fourth quarter, BYD has solidified its commitment to staying at the forefront of electric vehicle advancements. Notably, the company plans to invest a substantial 5 billion Chinese yuan (approximately $701.8 million) to establish the world’s first all-terrain professional test drive sites in cities across China.
BYD achieved a significant milestone in autonomous driving last July when it obtained a conditional testing license for L3 autonomous driving on high-speed roads in Shenzhen. This milestone positioned BYD as the first car company in China to secure such a license. L3 autonomous driving refers to conditionally automated driving, where a human must be ready to take over within seconds.
Read more: BYD Co. explores lithium acquisition in Brazil for electric vehicle production
Market Dynamics: Navigating Challenges and Competition
While BYD’s foray into advanced technologies signals a bold move, the company faced a more than 2% decline in its Shenzhen-listed shares on Wednesday amid a broader decline in the Chinese stock market. The Chinese electric vehicle market is witnessing intensified competition and a price war, impacting the profitability of major players, including BYD, Nio, Xpeng, and Li Auto.
Competitors in the Chinese EV market are also unveiling new EV models in a bid to gain a competitive edge. The market’s competitive landscape has further expanded with consumer electronics giant Xiaomi entering the fray by revealing its own EV car model.
In the face of these challenges, BYD aims to assert its dominance in the electric vehicle sector. The unveiling of the Xuanji smart car system underscores BYD’s determination to not only keep pace with competitors but also lead the way in shaping the future of smart and autonomous driving. As the global electric vehicle market continues to evolve, BYD’s strategic investments and technological breakthroughs position the company as a key player in the rapidly changing automotive landscape.
zartasha@mugglehead.com
