On June 17, Horizon Robotics-W declined 3.1% in regular trading, trading at HKD 4.37/share, with turnover of HKD 653 million. The stock has now fallen over 60% from its historical high and continues to set new lows.

On the news front, BYD previously announced the mass production of China's first 4nm automotive-grade autonomous driving chip, the Xuanji A3, delivering 700 TOPS per chip and over 2,100 TOPS with three chips in parallel. As a core customer of Horizon Robotics — previously sourcing approximately 2.5 million Journey 6 chips annually — BYD's move to in-house chip development has intensified market concerns over direct displacement of third-party supplier volumes. Additionally, XPeng and other automakers are accelerating their own chip development with plans to supply externally, further compounding competitive pressures.

Meanwhile, the company's annual report revealed a net loss of RMB 10.469 billion, swinging from profit to loss, while product business gross margin contracted nearly 12 percentage points from 46.4% to 34.5%, keeping profitability outlook under sustained pressure.

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