China’s EV star and Tesla rival BYD unveils Europe expansion
BYD, the Shenzhen-based rival to Elon Musk’s Tesla, has unveiled plans to take on the European car market, as the electric carmaker embarks on an aggressive global expansion.
China’s biggest electric vehicle and second-largest battery maker this week introduced presale prices for a range of fully electric vehicles in Europe. BYD’s Europe expansion will start in Germany, home to Volkswagen and Mercedes-Benz, and Sweden, before extending to France and the UK later this year.
As battery car sales rise, analysts expect widespread take-up of Chinese nameplates across Europe, similar to the advent of the Korean brands Hyundai and Kia. BYD is among a clutch of Chinese electric vehicle makers hoping to break into the region, including Nio, XPeng and Aiways. BYD began preparing for its European offensive five years ago, hiring designers to improve the look of its vehicles.
In June, BYD overtook Volkswagen as the third most valuable car company in the world — trailing only Tesla and Toyota. In September, the group’s EV battery unit sales volume surpassed those of South Korea’s LG Energy Solution as the world’s second-biggest electric car battery supplier, behind Chinese company CATL.
