BYD Europe, the European arm of Chinese automaker BYD, is setting ambitious targets to triple its market share in the region by 2025, aiming to surpass prominent competitors such as Tesla, Volkswagen, and Stellantis.
During the Financial Times‘ Future of the Car Summit, BYD Europe boss Michael Shu expressed confidence in the company’s growth plans, stating, “We are confident that we could be in a leading position. We are moving to the next stage to decide a huge investment in the EU.”
To achieve its goal, BYD Europe plans to implement an aggressive marketing strategy and collaborate with European dealerships. Additionally, there are intentions to potentially assemble most BYD cars for the European market within the region, as reported by Fortune.
However, BYD’s ambitions in Europe coincide with growing concerns within the EU regarding the influx of Chinese electric vehicles (EVs). Research from Transport & Environment suggests that a quarter of all EV sales in the EU this year will be China-made cars.
Chinese EVs are often considered more technologically advanced and competitively priced compared to their European counterparts, primarily due to state subsidies, lower labor costs in China, and well-established Chinese battery supply chains.
The increasing competition from Chinese EVs has already drawn attention from leaders in Europe’s auto industry. Renault CEO Luca de Meo recently released a 19-page open letter outlining plans to protect Europe against the “onslaught of EVs from China.” Stellantis NV CEO Carlos Tavares has echoed similar concerns, particularly regarding Chinese EV brands entering Italy.
The EU Commission has also taken note of the situation, initiating an anti-subsidy investigation into battery electric vehicle (BEV) imports from China on October 4, 2023.
