BYD stock briefly hit a record high following the introduction of a new smart-driving system which will be available in most of its models.

BYDs advanced smart driving capabilities might give it a competitive edge over Tesla. The American EV giant has experienced a dip in its January sales in China, while domestic automakers, including BYD,

China's BYD will equip its best-selling affordable series of models with advanced autonomous driving features similar to those in premium Tesla cars, it said on Monday, intensifying competition in the smart EV market.