Chinese automaker BYD has said it will compensate users for direct losses caused by accidents while using its urban navigation-assisted driving system,becoming the world's first major carmaker to offer liability coverage for both smart parking and urban assisted-driving functions.
Under the new program,BYD said users of its God's Eye A,God's Eye B as well as God's Eye 5.0 assisted-driving systems will be covered for one year if accidents occur while using the urban navigation function in compliance with system rules.
The compensation will cover direct economic losses that should be borne by the vehicle,including repair costs,third-party property damage and personal injury liabilities,according to the company.
Unlike typical assisted-driving insurance products offered in the market,BYD said its coverage program will be free,carry no compensation cap and will not affect users'future insurance premiums.
The move comes as Chinese automakers intensify competition in assisted-driving technology and push intelligent-driving systems into lower-priced mass-market vehicles.
Industry analysts said BYD's decision to provide direct compensation reflects growing focus on consumer trust and safety responsibility as assisted-driving systems become more widely adopted.
BYD said usage rates for its smart parking function rose from 21 percent to 93 percent after the company introduced a similar safety guarantee last year,with accident rates remaining close to zero.
At the same event,BYD announced that all vehicle models will be able to equip the God's Eye B laser-assisted driving system for an optional price of 12,000 yuan($1,670),part of the company's broader push to expand assisted-driving adoption.
The company also unveiled China's first self-developed 4-nanometer autonomous-driving chip,named Xuanji A3,which delivers more than 2,100 TOPS of combined computing power through a three-chip architecture.
BYD Chairman Wang Chuanfu said the company aims to continue investing in intelligent-driving technologies with the long-term goal of reducing traffic accidents and improving road safety.
