AI is a game of kings, and OpenAI knows it
Investing.com-- Shares of BYD Co (HK:1211) rose on Wednesday, as Tesla’s (NASDAQ:TSLA) unveiling of new low-cost Model Y and Model 3 variants failed to impress investors.
The Chinese automaker’s stock gained over 2% to HK$110.6 in Hong Kong trading.
Tesla on Tuesday introduced the "affordable" versions of its popular electric vehicles, priced at $39,990 for the Model Y and $36,990 for the Model 3. Reports said that despite offering over 300 miles of range, these models feature fewer premium components and lack certain features like Autosteer.
Tesla shares closed 4.5% lower on Tuesday. Analysts expressed skepticism, noting that the modest price reduction may not attract new buyers, especially after the expiration of U.S. EV tax credits.
The lukewarm market reaction contrasts with BYD’s aggressive pricing strategy. The Chinese EV giant has introduced models like the Seagull, priced from $11,400, and has rapidly expanded its global presence.