Visitors look at an BYD Seal U electric car of Chinese car brand BYD at the IAA Mobility 2023 international motor show on September 6, 2023 in Munich, Germany. BYD launched its AI-powered smart car system on Tuesday as the world's largest electric car maker seeks to better compete with rivals on advanced technologies such as automated parking. The Xuanji smart car system "perceives changes inside and outside the vehicle in milliseconds" thereby "enhancing driving safety and comfort," the firm said in a statement on Tuesday. The Chinese EV giant's Shenzhen-listed shares shed more than 2% on Wednesday in a broader decline in the China stock market. A price war and intensifying competition in the Chinese EV market have squeezed profitability for China's EV makers including BYD, Nio, Xpeng and Li Auto.

---

Persons: BYD, Wang Chuanfu, Tesla, Li Auto Organizations: Integrated Vehicle Intelligence, Weibo, EV giant's Shenzhen, EV, China's, Li Locations: Munich, Germany, U.S, China, Shenzhen