China’s largest electric carmaker, BYD, is planning to launch its first product and build two factories in Europe in 2023.
The plan comes after the demand for electric car manufacturers continues to increase.
BYD announced that it would start selling electric cars in Europe, such as in Germany, Norway, the Netherlands, Sweden and France.
The expansion is also to avoid tariffs on exports to European Union countries that are getting higher. By establishing a factory on the continent, BYD’s vehicle prices will be more competitive and at the same time gain a wider market share there.
BYD already has electric car factories in a number of countries, including Canada and Brazil. BYD is the strongest automaker in China, even surpassing Tesla last November in China.
Expansion into Europe is BYD’s strategy to become a global leader in the electric vehicle industry.
Previously, BYD announced that it would enter the Japanese market with its flagship electric car, the BYD Atto 3, in January 2023.
