BYD's Expansion in European Market and Future Goals

TapTechNews June 17th news, recently, BYD in the latest released 'Investor Relations Activity Record', announced the company's latest progress in the European market.

BYD disclosed that since September 2022, BYD has actively laid out the European market and quickly launched its several new energy vehicle models to 20 European countries including Germany, the United Kingdom, Spain, Italy, France, the Netherlands, Norway, Hungary, etc., and has accumulated more than 260 stores opened. Recently, BYD Seal UDM-i (domestic name is Song PLUS DM-i Champion Edition) was launched for sale in the European market.

In addition, BYD also answered questions such as 'How is the company's factory construction process in Hungary?'.

The company said that on December 22, 2023, BYD announced that it will build a new energy passenger car production base in the city of Szeged, Hungary, becoming the first Chinese auto company to build a passenger car factory in the EU region. The factory will be built and put into operation within three years and mainly produce passenger car models sold in Europe. The construction of the factory will create thousands of jobs for the local area and will play a promoting role in Hungary's green economic transformation.

TapTechNews noted that Shu Youxing, general manager of BYD's European Automobile Sales Division, once said on May 9 local time, BYD aims to surpass Volkswagen, Tesla and Stellantis and become the largest electric vehicle seller in the European market by 2030.

Shu Youxing said that BYD is preparing for 'a huge investment in the EU', which may reach several billion euros and involves factories, distribution networks and marketing. Shu Youxing disclosed that BYD will introduce a low-cost electric vehicle based on the Seagull model into the European market, and its price should be less than 20,000 euros (TapTechNews note: currently about 156,000 RMB).