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The Chinese manufacturer BYD continues to gain ground. And if it is already well positioned in the world, it now aims to conquer Europe. The brand's objective is to become number 1 in the European electric car market, ahead of Volkswagen, Tesla and Stellantis by 2030. And to achieve these objectives, BYD intends to invest billions of euros on the continent.
“We are taking the next step to decide on massive investment in the EU”, said President Michael Shu BYD, during the Future of the Car Summit, a Financial Times event. BYD's billions of investments will be used to build factories, but the manufacturer also plans to invest in marketing in Europe.
Furthermore, this aggressive strategy also includes the launch of an affordable electric car in Europe. According to the Financial Times, this model will be based on the Seagull, which is sold for less than $10,000 in China. The European version should have a price lower than 20,000 euros.
Building in Europe for Europe
BYD makes the announcement as the European Union continues its anti-subsidy investigation into electric cars in from China.“The investigation will first determine whether China's BEV value chains benefit from illegal subsidies and whether these subsidies cause or threaten to cause economic harm to China's BEV producers. European Union (EU). If both elements are proven, the investigation will examine the likely impact of the measures on importers, users and consumers of battery electric vehicles in the EU”, indicated the European Commission in October.
However, BYD is today aware that it will not be able to count on importing vehicles from China in the long term. And its strategy for Europe consists of producing locally. BYD already has a factory under construction in Hungary. And it will study, in the coming months, a second European site, according to the Financial Times.
Local production would allow BYD to limit its exposure to the measures that it EU can take action against imports. The manufacturer would also limit its exposure to the hazards of maritime transport.
- BYD wants to become number 1 on the European car market electric by the end of the decade
- To achieve this objective, the Chinese manufacturer plans to invest billions of euros
- It also intends to offer an affordable model in Europe
- BYD intends to focus on the production, and not on the import of vehicles from China
- As a reminder, the European Commission is currently leading an anti-subsidy investigation into electric vehicles from the Middle Kingdom
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