China’s BYD is set to challenge established automakers in Europe with plans to triple its share in the electric vehicle (EV) market by 2025, following its success in dominating its home market.
The company entered the European market in 2021, initially targeting Norway. Last year, BYD sold 15,644 electric cars in Europe, capturing a 1.1% share of the region’s EV market, according to global data collection firm DataForce.
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However, BYD views this as just the beginning of its European expansion. Europe CEO Michael Shu emphasized the company’s ambitious growth plans, stating, “We are just getting started,” and expressing confidence in rapidly increasing sales.
In an interview with Automotive News Europe, Shu highlighted the challenges of entering the diverse European market, noting the differences in consumer preferences, regulations, and languages compared to China or the US. Despite these challenges, Shu believes that BYD can increase its market share in Europe this year.
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BYD aims to achieve a 5% share of EV sales in Europe even before the start of production at its planned plant in Hungary, which is expected to commence operations before 2026. The facility will produce electric cars with battery packs manufactured in Hungary, enabling faster deliveries and building trust with European customers.
Shu described BYD’s approach as offering “affordable premium” products, with a focus on premium features at mainstream prices. The company showcased its luxury models like the Yangwang U8 off-roader at the Geneva Auto Show, indicating its intention to gauge market response.
BYD’s upcoming EVs and plug-in hybrid electric vehicles (PHEVs) are expected to make a significant impact in the European market, starting with the Seal U model, which will rival Volkswagen’s ID.4. The Seal U boasts a WLTP range of up to 310 miles (500 kilometers) and can charge from 30% to 80% in just 26 minutes, offering competitive performance and features.
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Despite sharing a name with the existing Seal EV sedan, the Seal U is designed specifically for the European market on a new platform, highlighting BYD’s commitment to meeting European consumers’ needs and preferences.
BYD’s sales in Europe last year were led by the Atto 3 model, with 12,363 units sold, followed by the Dolphin (1,079), Tang (1,055), Han (849), Seal (284), and the Seal U (11). With its aggressive expansion plans and focus on affordable premium vehicles, BYD is poised to significantly increase its presence in the European EV market in the coming years.
