Electric vehicles: BYD's new 4-nm self-driving chip fails to dispel investors' growth concerns
EV maker hoping in-house strategy will help cut costs and break 8-month sales slump
HONG KONG -- BYD's announcement that it will produce its own cutting-edge 4-nanometer chips for autonomous driving was met with a muted initial response from investors, a sign that the Chinese EV king must do more to dispel concerns over growth.
The electric vehicle giant's Hong Kong-listed shares were trading up around 2% on Friday, dipping around 1% at one point, while shares in Horizon Robotics, one of BYD's auto chip suppliers, plunged nearly 10% at one point. Rival chip developer Black Sesame saw its stock price fall as much as 5%.