BYD Stock Near Record High as It Teases Autonomous Vehicle Plans

BYD shares surged Friday, nearing record highs, after the Chinese EV giant announced plans to unveil its autonomous driving strategy. The company’s Hong Kong-listed stock (HK:1211) jumped 4.8% to HK$332.40, while its Shenzhen shares (SZ:002594) rose nearly 5% to 326.65 yuan. Both have gained over 20% this week.

BYD, a top global EV maker and key Tesla (NASDAQ:TSLA) competitor, confirmed it will disclose its vehicle intelligence strategy on February 10 at 7:30 PM Beijing time (6:30 AM EST). Investors are optimistic that BYD’s self-driving technology, potentially at a mass-market scale, could drive new sales growth.

The company achieved record sales of 4.3 million vehicles in 2024, surpassing Tesla’s 1.8 million. However, Tesla still leads in autonomous driving, having integrated self-driving software since 2015. The U.S. automaker also introduced its Cybercab robotaxi last year, though production timelines remain unclear.

Tesla CEO Elon Musk has repeatedly emphasized that autonomy is key to Tesla’s future growth, especially as the company faces slowing EV sales. BYD’s upcoming announcement could signal its challenge to Tesla in the self-driving race, further fueling its stock rally.