The world’s largest electric car manufacturer, BYD, unveiled its AI-powered smart car system on Tuesday in an effort to better compete with rivals on cutting-edge technologies like autonomous parking.

According to a statement released by the company on Tuesday, the Xuanji smart car technology “perceives changes inside and outside the vehicle in milliseconds,” so “enhancing driving safety and comfort.”

“Integrated in the architecture is the AI Large Model, possessing the largest data foundation of the industry, empowering the Integrated Vehicle Intelligence system with the capacity for continuous adaptation,” the firm said in an X post on Wednesday.

At BYD’s Dream Day event on Tuesday, Wang Chuanfu, the company’s chairman and president, stated that the system will expedite the auto industry’s change.

With more battery-powered vehicles sold than its American competitor, BYD overtook Tesla as the world’s best-selling electric vehicle brand in the fourth quarter. The company announced that it will invest $5 billion Chinese yuan ($701.8 million) to construct the first-ever all-terrain professional test drive sites in Chinese cities.

BYD became the first automobile business in China to be granted a conditional testing licence for L3 autonomous driving on high-speed roads in Shenzhen in July of last year, according per the company’s Weibo post.

Conditionally automated driving, or L3 autonomous driving, requires a human to be prepared to take over in an instant.

The Shenzhen-listed shares of the Chinese electric vehicle manufacturer fell more than 2% on Wednesday as the Chinese stock market as a whole declined.

China’s EV manufacturers, such as BYD, Nio, Xpeng, and Li Auto, have seen their profitability pressured by a pricing war and escalating competition in the country’s EV industry.

In an effort to get an advantage in the fiercely competitive Chinese EV industry, which has seen Chinese consumer electronics major Xiaomi also release an EV car model, Xpeng, Nio, Huawei, and Zeekr recently unveiled new EV models.

(Adapted from ThePrint.in)