BYD will challenge European automakers and plans to triple its share of the European electric vehicle market by 2025. After dominating the Chinese market, BYD is focusing on exploring overseas markets.
BYD will start selling cars in Europe in 2021, with the first stop being Norway. Last year, the company sold 15,644 electric vehicles in the region. That gives BYD a 1.1% share of the European EV market, according to global data collection firm DataForce.
However, BYD Europe CEO Michael Shu said the company was “just getting started” in the region and expected sales to grow rapidly. Michael Shu told Automotive News Europe that BYD is learning “how Europeans view” the brand’s technology, products and services. The European market has a more complex regulatory and linguistic environment than other major automotive markets such as China or the United States.
Although Michael Shu said increasing sales will take time, he expects BYD to gain market share in European electric vehicles this year. BYD aims to increase its share of electric car sales in Europe to 5% before starting production at its Hungarian plant. Michael Shu confirmed that the plant will start producing cars by 2026, when it will produce electric vehicles with Hungarian-made battery packs.
Michael Shu said that once the European factories start production, “We will be closer to customers, provide faster delivery, and people will trust us more.” Michael Shu explained, “This will be a European car born for Europe.”
The Hungarian plant will be able to produce 150,000 vehicles per year, with the ability to eventually double production to 300,000 vehicles.
Michael Shu said that BYD’s “products are high-end, but the prices are very mainstream, so we call them affordable high-end products.” BYD showed off luxury models like the U8 at the Geneva Motor Show, and Shu said the company was “testing the market.” reaction”.
Last month, BYD’s first cargo ship, the BYD Explorer 1, arrived in Germany carrying about 3,000 vehicles, ready for launch across Europe, a sign that BYD is expanding its market share in Europe.
