Tesla shares fell 6% after its Chinese rival BYD announced that it would introduce self-driving technology in most of its cars and introduced the DeepSeek artificial intelligence assistant system.
Tesla shares fell 6.3% on the US market on February 11, reaching $328.5.
According to BYD's statement, the Chinese automaker will equip at least 21 models with self-driving systems. CNBC reports that investors are concerned that Tesla may lose its leading position in this area. According to analysts at Oppenheimer, increased competition in the field of self-driving technology may reduce Tesla's profits.
Tesla shares fell in five trading days, falling by about 17%. This change led to a decrease in the company's market value by more than $ 200 billion.
Elon Musk has announced that Tesla plans to launch a fully autonomous driving system in June that will not require supervision. Oppenheimer analysts note that even if Tesla launches its service within the specified period, it will become one of several suppliers, which implies price and quality competition.
