BYD Europe is aiming to outperform prominent EU automakers like Tesla, Volkswagen, and Stellantis. This ambition was highlighted by BYD European boss Michael Shu during the Future of the Car Summit, where he expressed confidence in the company’s potential to take a leading position in the European market.
Shu also mentioned plans for a substantial investment in the EU, with the goal of tripling its market share in the region by 2025. To achieve this, BYD Europe intends to implement an aggressive marketing strategy and establish partnerships with European dealerships.
There are also considerations for the majority of BYD cars for Europe to be assembled within the region. This initiative from BYD Europe comes at a time when the EU is cautious of the influx of Chinese electric vehicles (EVs).
Research from Transport & Environment highlighted that a quarter of all EV sales this year will be China-made cars. Notably, Chinese EVs, such as those manufactured by BYD, are often more technologically advanced and competitively priced due to state subsidies, cost-effective labor in China, and strong supply chains for batteries.
As a result, leaders within Europe’s auto industry have acknowledged the intense competition that Chinese EVs are presenting to EU automakers.