BYD Co., the world’s largest maker of electric vehicles, will invest RMB 100 billion ($14 billion) to develop smart-car features, its founder and chief executive officer said Tuesday, reports Bloomberg.
Wang Chuanfu didn’t give a specific time frame for the investment or more details. The move comes as the Chinese carmaker tries to narrow the gap with rivals making vehicles with driver-assistance systems and other advanced technology.
BYD plans to introduce what it calls Navigation on Autopilot, which will allow drivers to take their hands off the wheel and feet off pedals in certain scenarios. The system requires drivers to touch the steering wheel every 15 seconds and will come installed in cars that cost more than RMB 300,000. It also will be available as an upgrade option for vehicles priced at over RMB 200,000. BYD didn’t say whether drivers will be responsible for crashes if they occur.