BYD Sets Sights on European EV Market
Chinese car manufacturer BYD announced plans to aggressively expand its presence in Europe, aiming to compete with established brands with a new compact electric vehicle (EV) and advanced fast-charging capabilities.
“You will see, starting from March or April, our registration numbers will jump” in Europe, said company vice-president Stella Li in an interview with AFP in Paris.
The company has already established itself with a network of dealerships and aims to strengthen its position in the European market.
BYD plans to gain an advantage in the market by introducing a new model in Europe and fast charging.
According to Li, the new model will compete with the Volkswagen ID. 3 and Renault Megane E-Tech electric, making the car accessible to a broad market.
During the interview, Li explained that the models will be able to charge more quickly when compared to other EVs currently on the market.
“It is as easy as replacing a gas car,” Li stated, “The goal is to bring this kind of fast charging technology to Europe in the next few years.”
BYD saw its sales volume increase in the first two months of 2024 compared to last year, from 41,000 units to 52,000 units. This increase in sales allowed BYD to pass Tesla in EV sales.
The company’s Paris office has announced it will receive a 60 million Euro investment to help push the design and production for the EV market.
In anticipation of increased production, BYD has also established its first European factory in Hungary to produce models for the local market.
“We will be very energetic, very aggressive, working with any partner who wants to do business,” Li said.
BYD also announced the launch of its first European truck in Rotterdam, where the new vehicle will be distributed in Europe.
