BYD to break into Europe’s largest auto market with EVs priced around $30,000

BYD predicts rapid EV growth in Germany, Europe’s largest auto market, within the next six months. With EVs starting at around $30,000 (25,000 euros), BYD expects to win over German buyers quickly.

According to BYD’s executive vice president, Stella Li, the company expects to offer electric cars priced between $27,500 and $33,000 (25,000 to 30,000 euros) in Germany.

Li told Germany’s Frankfurter Allgemeine Sonntagszeitung (FAS) that the company was “still working on a plan.” Although Li said the company needs to “give them some time to trust in BYD,” it won’t take long.

BYD’s leader said the EV maker expects sales to pick up in “less than half a year.” The announcement comes despite the EU introducing additional tariffs on EVs imported from China.

Li criticized the tariffs, saying the buyers lose in the long run, but added that BYD will begin building cars in Hungary in 2025.

According to Li, European automakers are not competitive because of the uncertainty and lack of clarity.

In China, an influx of lower-priced models has made automakers “very competitive,” Li explained. BYD’s leader added that “all manufacturers in the world should take part in this competition” and that “those who hesitate and back down will lose.”

“I think we will become an important market participant here in Europe,” Li told FAS. The company is already expanding its sales team in Germany as it looks to gain a foothold in Europe’s largest auto market.

Electrek’s Take

After its fourth consecutive record-breaking sales month, BYD officially topped SAIC to become China’s largest auto group.

After dominating in its home market, BYD is looking overseas to drive growth. BYD opened its first manufacturing facility in Thailand, a booming EV sales region, and plans to add more capacity in Hungary, Turkey, Brazil, Pakistan, and Mexico.

As European automakers deal with policy uncertainty, BYD looks to take advantage. In late August, BYD bought out its distributor in Germany, Heden Electric Mobility, giving it more control over pricing and volume.

BYD can now sell directly to buyers in Germany, set prices, and manage inventory on its own terms. In addition, the company has gained control of two flagship stores in Stuttgart and Frankfurt.

Even with additional tariffs, a recent Rhodium Group study found that BYD could earn more on EVs sold in Europe than domestic automakers.

Source: Reuters, FAS