BYD, the Chinese electric vehicle juggernaut headed by billionaire Wang Chuanfu, intends to raise HK$43.5 billion ($5.6 billion) to deal with fierce competition at home and to expand abroad.

BYD global EV sales jumps 56% in the first two months of this year, potentially putting it in arms reach of Musk's carmaker.

BYD Company Limited, the world's leading electric vehicle manufacturer for three consecutive years announced a significant capital raise through a placement of new H shares to fund its ambitious global expansion plans and research initiatives.

BYD, the Chinese EV giant and Tesla's arch rival, unveiled a vehicle-mounted drone system that lets drivers deploy the gadget on the move to take videos.

Geely Auto, mainland China’s second-largest carmaker, said it would add its indigenous artificial intelligence (AI)-powered pilot system to vehicles from all of its brands, including Galaxy, Zeekr and Lynk.

EV maker BYD unveiled “Lingyuan,” a vehicle-mounted drone launching system developed in collaboration with DJI that is available for all of the company’s vehicles, reports Chinese state media outlet Xinhua. The system is only available in China, like BYD’s vehicles, and costs 16,000 yuan (or about $2,197).

Chinese electric vehicle maker BYD Co raised HK$43.5 billion (US$5.6 billion) in Hong Kong’s biggest share sale in nearly four years.