BYD, the Chinese electric vehicle maker, has set its sights on becoming the largest seller of electric vehicles in the European market by 2030, surpassing giants like Volkswagen, Tesla, and Stellantis. Shu Youxing, the general manager of BYD’s European Auto Sales Division, made this ambitious announcement on May 9.
To achieve this goal, BYD is gearing up to make significant investments in the EU, with plans to invest billions of euros in factories, distribution networks, and marketing. The company aims to introduce low-cost electric vehicles based on the Seagull model into the European market, with prices expected to be below 20,000 euros.
In a shift towards local production, BYD is planning to establish its first European car factory in Hungary next year. Shu Youxing emphasized that shipping cars from China to Europe will not be a long-term solution, and the company is already studying the location for a second plant in the region.
The announcement comes as the demand for electric vehicles continues to rise globally, driven by increasing environmental concerns and government incentives to promote sustainable transportation. With its ambitious plans and strategic investments, BYD is positioning itself as a major player in the European electric vehicle market.
The news was reported by Jiemian News, and Oriental Fortune has shared this information for dissemination purposes only, and it is not intended as investment advice. Readers are advised to proceed at their own risk.