BYD's overseas sales exceed 100,000 vehicles, European market expansion accelerates

According to news on May 24, BYD Passenger Cars is considering plans to build a factory in France. The China Securities Journal quoted a relevant person in charge of BYD as saying that the company is currently evaluating the feasibility of building a passenger car factory in Europe and is actively looking for a suitable location. BYD executives said in December that they had begun due diligence and that building a factory in Europe was on track. According to Shu Youxing, general manager of BYD's European Auto Sales Division, BYD is looking for new factories or considering acquiring existing factories to gain a foothold in the highly competitive European auto market.

According to the editor’s understanding, BYD has actively promoted expansion plans in the European market in recent years. They have successively entered markets such as Norway, the Netherlands, Sweden, Germany, France, and the United Kingdom, and launched three new energy passenger cars: Han, Tang, and ATTO3 (domestic name: Yuan PLUS). In March this year, BYD reached a cooperation agreement with British electric vehicle company Octopus EV. The latter will purchase 5,000 BYD electric vehicles in the next three years, including ATTO3.

BYD's overseas sales have exceeded 100,000 vehicles in the past ten months, indicating the success of their efforts to increase overseas market expansion. BYD's sales in the European market are relatively low compared with rivals such as Tesla. According to data from the market research organization eu-evs, BYD's sales in Europe in 2022 will be 4,239 vehicles, while Tesla's sales will exceed 190,000 vehicles. Tesla's sales in Europe in the first quarter of 2023 were as high as 70,900 vehicles, compared with BYD's sales of only 822 vehicles.

BYD is accelerating its passenger car production layout in the Southeast Asian market, in addition to its plan to build factories in Europe. They started building their first overseas passenger car production base in Rayong, Thailand in March this year. It is expected to start production in 2024, with an annual production capacity of approximately 150,000 vehicles, mainly exported to ASEAN countries. BYD has not yet commented on the possibility of building a factory and establishing a supply chain in Vietnam.

BYD is building factories around the world to speed up the

expansion of overseas markets. Despite facing competitive pressure in the European market, BYD's sales and production efforts remain unabated and will continue to strive to gain a foothold globally.

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