China EV leader BYD to invest $14bn in self-driving tech

GUANGZHOU — Chinese electric vehicle maker BYD plans to invest 100 billion yuan ($13.8 billion) in areas related to autonomous driving, Chairman Wang Chuanfu said at a recent shareholders meeting, as the technology becomes standard in more vehicles in China.

A timetable for the investments was not given. The company’s research and development expenses for the year ended December 2023 were 39.5 billion yuan, 2.1 times higher than the previous fiscal year.