BYD threw a bombshell into China’s EV sector with its Monday reveal that its advanced driver assistance system—known as “God’s Eye”—is now available in over 20 models, with the cheapest model, the Seagull, priced at under $10,000.
Hong Kong-traded EV shares plunged on Tuesday, following the reveal. Li Auto, Xpeng, and Geely Auto fell by 6%, 9% and 10% respectively. Nor did BYD gain much on the reveal: Shares rose over 4% on Tuesday, hitting an all-time high of 345 Hong Kong dollars ($44.27), before paring back gains to end the day slightly down.
