In a bold step forward for autonomous vehicle technology, China’s BYD announced on July 10 a pioneering breakthrough in smart parking. The automaker claims to be the world’s first to achieve Level 4-like autonomous parking capabilities, signaling a leap in its self-driving ambitions.
Moreover, BYD has committed to assuming full financial responsibility for all accidents occurring during smart parking sessions for users of its Tianyan Eye system in the Chinese market. This includes repairs, safety incidents, and other related losses, to be covered directly by the manufacturer — bypassing insurance entirely — potentially boosting consumer confidence and setting a new industry benchmark.
Comparatively, a review of how rival automakers handle similar scenarios reveals varying approaches:
– Harmony Smart Mobility (the umbrella brand for models like AITO and Luxeed) offers repairs and compensation up to 50,000 yuan, resembling BYD’s model. It applies only to specific vehicle types with a 12-month validity period, avoiding insurance claims entirely during that time and preventing premium hikes. Post-expiry, insurance processes apply.
– XPeng requires users to purchase a specialized insurance package (priced at 239 yuan annually) to cover autonomous driving incidents. Without it, commercial insurance would apply, though buying their policy shields against premium increases.
– Tesla, Li Auto, and Xiaomi rely entirely on commercial insurance for parking-related incidents. Users must file claims, and expenses incurred can lead to hikes in future premiums, contrasting sharply with more risk-assuming competitors.
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