China’s BYD is set to triple its share in the European EV market by 2025, challenging other automakers in the region. With a strong presence in its home market, BYD is now focusing on expanding its brand overseas.
BYD plans to expand EV market share in Europe
BYD entered the European market in 2021, starting in Norway. Last year, the company sold 15,644 electric cars in the region, capturing a 1.1% share of Europe’s EV market according to DataForce.
Europe CEO Michael Shu stated that BYD is in the early stages of its European expansion and expects sales to increase rapidly. In an interview with Automotive News Europe, Shu mentioned the challenges of understanding European consumers’ preferences and the differences in regulations and languages compared to other key markets.
Despite anticipating a gradual increase in sales, BYD aims to gain a 5% share of the European EV market even before the start of production at its Hungary plant, which is expected to commence before 2026. The facility will manufacture electric cars with locally built battery packs.
EVs built in Europe for Europe
BYD’s Europe leader emphasized the benefits of local production in Europe, stating that it will enable faster deliveries and build trust among customers. The Hungary plant is capable of producing 150,000 vehicles annually, with potential for doubling the output to 300,000.
BYD’s strategy of offering premium products at competitive prices is evident in its approach to the European market. The company showcased luxury models like the Yangwang U8 off-roader with the intent of gauging market feedback.
Upcoming models like the BYD Seal U are tailored for Europe, with features like a WLTP range of up to 310 miles and quick charging capabilities. These models are designed on new platforms specifically for the European market.
BYD’s focus on affordable premium electric vehicles is evident in its pricing strategy, offering competitive rates for its models. The company’s plans for future models on new platforms and continuous innovation in cost reduction showcase its commitment to driving EV adoption in Europe.
Electrek’s Take
BYD’s aggressive pricing strategy and focus on market expansion in Europe demonstrate its commitment to challenging traditional gas-powered vehicles with affordable electric alternatives. The company’s efforts to lower costs through new platforms and ongoing innovation indicate a bright future for the brand in the European EV market.
As BYD continues to expand its presence in Europe and introduce new models tailored for the market, it is poised to make significant strides in capturing a larger share of the EV market. With a strategic approach to pricing and product development, BYD is well-positioned to compete with industry peers and drive EV adoption in the region.