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Chinses electric vehicle maker BYD Company (OTC:BYDDY) (OTC:BYDDF) reportedly has attained progress in autonomous driving technology by securing a conditional testing license for Level 3 (L3) autonomous driving on high-speed roads.
BYD was awarded the first license of this kind in China back in July, the company shared in a statement on their official Weibo account, reported Reuters.
The news comes amidst a growing trend of major automotive companies venturing into the realm of autonomous driving in China.
Also Read: Tesla's China Rival BYD Eyes New Production Base In Hungary: Report
Earlier in December, the Bayerische Motoren Werke AG (BMW) (OTC:BMWYY) received a similar license for L3 self-driving on high-speed roads in Shanghai, as per the report.
Additionally, Mercedes Benz Group (OTC:MBGAF) reportedly revealed plans for L3 testing on designated highways in Beijing.
IM Motors, the electric vehicle brand of state-owned SAIC Motor, is also joining the race towards autonomous driving, the report added. They have disclosed their intent to apply to China's industry ministry for product entry of L3 cars.
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Price Action: BYDDY shares closed higher by 1.27% at $53.38 on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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