BYD Europe aims to beat Tesla and other prominent EU automakers, like Volkswagen and Stellantis.
BYD European boss Michael Shu made bold claims during the Financial Times’ Future of the Car Summit.
“We are confident that we could be in a leading position. We are moving to the next stage to decide a huge investment in the EU,” Shu said.
BYD Europe wants to triple its market in the region by 2025. The Chinese automaker plans to use an aggressive marketing strategy to accomplish its goal. It also plans to partner with European dealerships. Fortune mentions that BYD cars for Europe might eventually be mostly assembled in the region.
BYD Europe’s goals come at a time when the EU is wary of cheap Chinese electric vehicles (EVs). Research from Transport & Environment stated that a quarter of all EV sales this year will be China-made cars.
Chinese EVs, like those made by BYD, are often more technologically advanced. They are also priced lower than European EVs due to state subsidies, cheap labor in China, and robust Chinese battery supply chains.
Several leaders in Europe’s auto industry have already drawn attention to the stiff competition Chinese EVs are bringing to EU automakers. For instance, Renault CEO Luca de Meo released a 19-page open letter to Europe, outlining a plant to protect the region against the “onslaught of EVs from China.” Stellantis NV CEO Carlos Tavares echoed de Meo’s concerns about Chinese EV brands coming to Italy.
The European (EU) Commission also seem concerned about Chinese EVs. On October 4, 2023, the EU Commission initiated an anti-subsidy investigation into battery electric vehicle (BEV) imports from China.
If you have any tips, contact me at maria@teslarati.com or via X @Writer_01001101.
