Shares of Tesla Inc. plummeted to the lowest level since late November on Tuesday after Chinese automaker BYD Company Limited announced it will expand its intelligence driving system to most standard models, including its battery-electric car BYD Seagull.
The Chinese group announced that it will integrate the DeepSeep-R1 model into its intelligent driving system. The move has heightened concerns over intensifying competition between the two EV giants and pulling Tesla stock down.
The company's stock tumbled 6.00% to trade at $329.91 apiece at 1:31 pm ET. Meanwhile, shares of BYD listed on the Hong Kong Stock Exchange reached an all-time high during the trading hours following the news.
