Recently, at the “Future of the Car Summit 2024” held by the Financial Times, major global automakers such as Volkswagen, General Motors, Nissan, and Hyundai gathered together. Chinese electric vehicle brands BYD and NIO were also invited to participate.
On the same day, Michael Shu, Managing Director of BYD Europe, delivered the opening keynote speech. He revealed that BYD plans to invest a “huge amount” in Europe, aiming to overtake Volkswagen, Tesla and Stellantis and become a leading EV maker in the continent by 2030. The Financial Times commented that Europe is one of the most competitive auto markets in the world, and Michael’s remarks are BYD’s “boldest” statement so far about its ambitions in the European market.
To achieve this goal, Shu Youxing, General Manager of BYD’s European Automotive Sales Division, revealed that BYD is planning a large-scale investment in Europe with billions of euros, covering multiple aspects such as production facilities, sales network construction, and brand marketing. He emphasized the need for long-term strategies to shift away from relying on long-distance transportation and towards producing vehicles locally in Europe, in order to improve efficiency and competitiveness.
In addition, Shu Youxing announced that BYD plans to introduce an European version of the entry-level Seagull EV. The price is expected to be less than 20,000 euros, using a high cost-effectiveness strategy to attract consumers. According to the BBC, faced with fierce competition from Chinese car makers, Linda Jackson, CEO of the French Peugeot Citroën Group, expressed her willingness to accept the challenge.
BYD started selling cars in Europe in 2021, with its first stop in Norway. Last year in 2023, the company sold 15,644 electric vehicles in the region. This gives BYD a 1.1% share of the European electric vehicle market, according to global data collection company DataForce.
On January 10 and January 15 this year, BYD “Explorer No.1” car transport ro-ro ship held delivery and maiden voyage ceremonies respectively at Yantai Port, Shandong Province, and Shenshan Xiaomo International Logistics Port, Guangdong Province. The ship carried 4,060 new energy vehicles. Then on February 21, the “Explorer No.1” successfully arrived at the Port of Vlissingen in the Netherlands; on February 25, the ship departed from the Port of Antwerp in Belgium and successfully arrived at the Port of Bremerhaven in Germany. In the next two years, BYD will have another seven ro-ro ships put into operation.
Back in December last year, BYD had taken an important step in internationalization and announced that it would set up an electric vehicle manufacturing hub in Hungary, making it the first major Chinese automaker to set up a factory in Europe. French Finance Minister Bruno Le Maire publicly stated on Monday (May 6) that France warmly welcomes BYD to consider setting up a factory in France, demonstrating France’s positive attitude towards attracting investment from the Chinese electric vehicle giant.