In China, an influx of lower-priced models has made automakers “very competitive,” Li explained. BYD’s leader added that “all manufacturers in the world should take part in this competition” and that “those who hesitate and back down will lose.”
BYD Dolphin (left) and Atto 3 (right) Source: BYD
“I think we will become an important market participant here in Europe,” Li told FAS. The company is already expanding its sales team in Germany as it looks to gain a foothold in Europe’s largest auto market.
Electrek’s Take
After its fourth consecutive record-breaking sales month, BYD officially topped SAIC to become China’s largest auto group.
After dominating in its home market, BYD is looking overseas to drive growth. BYD opened its first manufacturing facility in Thailand, a booming EV sales region, and plans to add more capacity in Hungary, Turkey, Brazil, Pakistan, and Mexico.
As European automakers deal with policy uncertainty, BYD looks to take advantage. In late August, BYD bought out its distributor in Germany, Heden Electric Mobility, giving it more control over pricing and volume.
BYD can now sell directly to buyers in Germany, set prices, and manage inventory on its own terms. In addition, the company has gained control of two flagship stores in Stuttgart and Frankfurt.
Even with additional tariffs, a recent Rhodium Group study found that BYD could earn more on EVs sold in Europe than domestic automakers.
Source: Reuters, FAS
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Publish date : 2024-10-14 15:38:00
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