Tesla Faces Market Pressure

In a significant market movement, Tesla Inc.'s shares experienced a sharp decline, dropping to their lowest since late November. This downturn followed an announcement from Chinese automaker BYD Company Limited about a major expansion in its intelligent driving system.

BYD's Strategic Move

BYD revealed plans to integrate the DeepSeep-R1 model into its intelligent driving system, a move that will encompass most of its standard models, including the battery-electric BYD Seagull. This development has sparked concerns over the intensifying competition between the two electric vehicle giants, directly impacting Tesla's stock performance.

Market Reaction

Following the news, Tesla's stock tumbled by 6.00%, trading at $329.91 per share at 1:31 pm ET. Conversely, BYD's shares on the Hong Kong Stock Exchange surged to an all-time high, highlighting the market's positive reception to BYD's latest technological advancement.