BYD’s stock performance in the Hong Kong stock exchange raised expectations of progress in its autopilot system. The company is also expected to unveil new intelligence features to its cars during an event that will happen on Monday February 10.

Intensifying Competition

Analysts expect the updated version of BYD smart-driving technologies to intensify competition in the Chinese EV market. The Shenzhen-based manufacturer is currently the biggest EV manufacturer in the world.

The newly updated driving technology could also enhance BYD’s efforts to penetrate new markets particularly at this time when the US and EU have imposed hefty tariffs on Chinese EVs.

“BYD’s acceleration of autopilot progress will have a meaningful impact on the market given its position as industry leader, and other players, especially mass market brands, will follow,” Analysts from Goldman Sachs Group wrote in a note.

The analysts added that Goldman Sachs expects BYD to disseminate its experience from the recent road-test with new model pipelines, including the autopilot system.

Battle for Self-Driving Technologies

EVs are becoming a major battleground as the race to create and roll-out driving technologies intensifies in China. EV manufacturers like XPeng and Tesla have made huge investments in driving technologies. The two Chinese EV firms are putting extra effort to convince consumers to pick their products as the convenient and safe options.

Although full self-driving vehicles are not widespread in China, companies based in the Asian country are already developing technologies that they need to make this happen. The number of companies that have deployed assisted driving functions on Chinese highways and complex urban roads has increased significantly in recent months.

Driving technology features have become important selling points for car manufacturers and a major differentiator in the market. Startups like XPeng and Nio are focusing on developing their own software stacks and chips. This allows them to optimize their systems and gives them more control. The expectation is that integration of smart driving technologies like interactive displays and advanced AI assistants will improve the overall driving experience for Chinese EV owners.

High Bets on EV Companies

This week, investors bets on Chinese EV manufacturers have been high. Option bets climaxed on February 6 when more than 22.000 contracts were traded. On Friday February 7, option volumes tripped the 20-day average. Li Auto traded in excess of 35,000 options on February 7. This was the highest volume the company has traded since May last year.

Geely Automobile Holdings traded close to 9000 contract options, the highest for the company in over four months. This week was also characterized by strong Chinese EV supply chain stocks. BYD stocks surged 27% while IMotion Automotive gained 49%. BYD Electronic contract options reached a new high on Thursday February 6 and maintained the same performance on Friday February 7.

Last year, BYD’s November sales data showed that the EV maker was going to surpass Ford and Honda’s global sales after its sales revenue increased by 16.6% compared to the same period in 2023. The company achieved this milestone after entering a $1 billion deal to establish a plant in Turkey and engaging in a massive hiring spree.

BYD is looking to sell between up to six million electric vehicles and hybrid cars this year. This target represents an increase of 4.27 million units that the company delivered in 2024. The China-based EV manufacturer was the eighth largest vehicle maker by sales last year.

The post BYD Records a 21% Shares Rise as Industry Awaits Update on Its Self-Driving Technology appeared first on Tech Research Online.

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Centralized Asset &
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Backed by US investor Warren Buffet, BYD is the second largest EV manufacturer in the world after Tesla.

Strategic Positioning

According to BBC, the BYD EV deal was signed at an event held in Istanbul, Turkey. BYD’s CEO, Wang Chuanfu, and Turkey’s President, Recep Tayyip Erdogan were present at the signing event.

Turkey’s Industry Minister, Mehmet Fatih Kacır said the BYD plant deal is a sign of the country’s “potential to not only be a center for international investments but also a center for innovation and advanced green technology”.

Kacır said the Turkish government was holding intensive discussions with other European and Asian vehicle manufacturers about investment. Turkey is looking to attract foreign capital to drive the country’s sweeping economic reforms.

The Turkish government says the new plant will have the capacity to manufacture 150,000 units of electric vehicles each year. Production is expected to commence by the end of 2026. The BYD EV plant is also expected to create upwards of 5000 jobs.

BYD will manufacture both hybrid and electric cars for the European market in the new plant. The Turkey EV plant deal will include a research and development center.

Tough Tariffs

The BYD EV plant deal announcement comes when Chinese EV makers face increased tariffs in the US and EU. Last week, the EU raised tariffs on China-manufactured EVs to protect its motor industry.

With this raise, BYD will have to pay a 10% import duty and an extra 17.4% in tariffs on each EV it ships to the EU. Turkey is a signatory to the EU Customs Union. This means that electric cars that are manufactured in the country will be sold in the EU without the additional tariff.

The Turkish government placed a 40% tariff on Chinese vehicle imports to protect its local car manufacturers. Earlier this year, the US government announced additional tariffs on Chinese-manufactured electric vehicles, steel, and solar panels, among other goods. The tariff measures included introducing a 100% border tax on Chinese electric cars.

According to the US government, the move was intended to protect US jobs. It was also a response to unfair trade policies.

Rapid Expansion

BYD has been expanding its production capacity outside China in recent years. Towards the end of 2023, the EV maker announced the establishment of a manufacturing plant in Hungary. Once completed, this will be its first factory in Europe.

Last week, the company opened its first EV manufacturing plant in Southeast Asia. The plant is located in Thailand. BYD says the plant can produce 150,000 EV units annually and generate 10,000 jobs. The company plans to set up another EV plant in Mexico.

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