The electric vehicle market is about to get a whole lot more interesting, courtesy of China’s Byd. This giant is giving Tesla and other competitors a run for their money, and it’s all thanks to a rather unexpected move. Byd has decided to offer advanced smart driving functions in most of its models, including some that come with a price tag as low as $9,555. That’s significantly lower than what competitors like Tesla are offering.
What’s behind Byd’s decision to make such a bold move? For starters, the company is already known for offering technologically advanced electric cars at more accessible prices. But with Tesla on the verge of launching a new, more affordable model, Byd needed to think outside the box. The result is a plan to equip all Byd models priced over 100,000 yuan ($13,888) with the company’s “God’s Eye” advanced driver assistance system. But here’s the catch – Byd is also installing this system in three models that cost less than 100,000 yuan, with the most affordable one being the Seagull, priced at around $9,500.
Byd’s move is set to start a new price war in the electric vehicle market, with autonomous driving being the key battleground. Until now, Byd only offered these features in models priced around $30,000. Tesla, on the other hand, offers similar functions in its electric vehicles priced at $32,000 in China. But Byd’s decision to make these features more affordable could be a game-changer. As the company’s director points out, technology doesn’t have to be high-end to be effective, and Byd is willing to fight a price war in this area.
So, what does this mean for the market? For starters, anticipation is growing about how Byd’s smart driving plans will shake up the already competitive car market. The company’s shares have risen 16% since Thursday, when Chinese media reported on the plans. Byd has been a key driver of a fierce price war in China, the world’s largest car market, over the past two years. And with its latest move, it’s clear that the company is not backing down.
But will Byd’s intelligent driving plans pay off? That’s the million-dollar question. Tesla, for one, has said that it’s not ready for fully autonomous driving just yet. But Byd’s decision to offer smart driving features at such a low price could be a major turning point. As Wang Chuanfu, Byd’s founder, puts it, smart-driving functions will become an indispensable feature of cars, just like safety belts and airbags. And with Byd leading the charge, it’s likely to be a wild ride.
During his presentation, Wang predicted that the transition to artificial intelligence in China will be significant, and Byd’s initiative will contribute to this shift. With 21 models already equipped with the “God’s Eye” system and available for sale, it’s clear that Byd is serious about making a dent in the market. Whether Tesla and other competitors can keep up remains to be seen, but one thing is certain – the electric vehicle market just got a whole lot more interesting.