Geely Auto's stock price plummeted by 9.03% during intraday trading on Tuesday, as the Chinese automaker faced intense competitive pressure from rival BYD's aggressive pricing strategy for its advanced autonomous driving features.
BYD, a leading electric vehicle maker in China, announced on Monday that it would be offering advanced autonomous driving capabilities on most of its models, including vehicles priced as low as $9,555. This move significantly undercuts competitors like Tesla and poses a direct threat to Geely Auto's position in the rapidly evolving autonomous driving market.
Analysts believe that BYD's bold move marks the beginning of a new price war in the autonomous driving space, putting pressure on other automakers to either match BYD's pricing or risk losing market share. Geely Auto's stock price decline reflects investors' concerns over the company's ability to compete effectively in this intensifying market environment.
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