BYD, a Chinese automaker, plans to manufacture all of its electric vehicles (EVs) intended for Europe domestically by the year 2028, according to an executive.
BYD, China's leading automaker, is set to reposition itself in the global market, aiming for a more balanced market share after years of dominance. This shift was hinted by BYD's executive vice president, Stella Li, who suggested that the company's high market share might have been too high.
In 2024, BYD achieved a significant milestone, selling 4.2 million cars globally, a tenfold increase from 2019. Despite temporary declines and production challenges in China, the company's sales are still up by double digits this year.
Li revealed that within the next six months, BYD will launch another three to four Plug-in Hybrid Electric Vehicles (PHEVs). The company expects these new models to soon outsell fully-electric models in Europe. This shift towards PHEVs is noteworthy, considering that until late last year, BYD only sold fully-electric cars in Europe.
The EU imposed tariffs on Chinese-made EVs last year due to perceived government subsidies. To avoid these tariffs, BYD is planning to manufacture its EVs for sale in Europe locally within three years. The company is already constructing a factory in Hungary, set to commence output this year, and another in Turkey for production in 2026.
Li predicts that BYD's PHEVs will dominate sales in Europe within the next one to two years. The popularity of PHEVs among consumers is evident, with BYD's top-selling model in some markets, such as Britain, being a PHEV.
In addition to its PHEV expansion, BYD also plans to launch its luxury Yangwang brand in Europe in 2027. However, Li declined to discuss a succession plan for Wang Chuanfu, the company's current chairman, or potential candidates to replace him. Under new Chinese government policy, Wang may have to retire in early 2027.
A separate report indicates that BYD has cut its 2025 sales target by 16%, suggesting its white-hot growth is slowing down. The company's growth in 2025, however, will be driven by sales outside China, according to Li.
Despite these changes, BYD remains China's No. 1 automaker, demonstrating its resilience and adaptability in the ever-evolving global automotive market. The company's European expansion and focus on PHEVs are strategic moves aimed at maintaining its competitive edge and meeting the diverse needs of consumers worldwide.
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