EV manufacturer BYD plans to invest 100 billion yuan (12.9 billion euros) in the development of smart vehicles. Founder and CEO Wang Chuanfu made the announcement on Tuesday. However, according to a report by Bloomberg, Wang did not give any further details, including a time frame. BYD is currently attempting to close the gap with its competitors in terms of high-tech functions. The group has traditionally focused on lower-priced cars, allowing it to overtake Tesla as the world’s largest EV seller for the first time in the fourth quarter of 2023.