Threat For Tesla? Apple's Chinese Rival Huawei Launches New Software For Intelligent Driving
Portfolio Pulse from Benzinga Neuro
Huawei, a Chinese tech giant and competitor to Apple Inc, has launched a new software brand for intelligent driving named 'Qiankun.' This software aims to revolutionize the electric vehicle (EV) industry by providing self-driving systems. Huawei's Intelligent Automotive Solution (IAS) business unit CEO, Jin Yuzhi, announced the software ahead of the Beijing auto show, with plans for mass commercialization by 2024. Huawei also plans to install 100,000 EV charging stations in China by 2024, directly competing with Tesla. Despite potential U.S. sanctions on Chinese semiconductor firms associated with Huawei, the company has begun mass deliveries of the Luxeed S7 electric sedan in collaboration with Chery Auto. Tesla, on the other hand, is preparing to launch its Full Self-Driving feature in China and has recently reduced the price of its FSD package.
April 24, 2024 | 1:19 pm
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Tesla faces increased competition from Huawei's entry into the EV and intelligent driving market, with Huawei planning mass commercialization of its self-driving system by 2024 and the installation of 100,000 EV charging stations in China.
Huawei's aggressive push into the EV and intelligent driving market with the launch of 'Qiankun' and plans for extensive EV charging infrastructure in China could potentially erode Tesla's market share in the region. This is especially significant given Tesla's efforts to expand its presence in China, a key market for EVs. The introduction of competitive technologies and infrastructure by Huawei increases the competitive pressure on Tesla, potentially impacting its stock price negatively in the short term.
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