Months after publicly announcing expansions outside of China into Japan and Europe, a BYD executive has confirmed the automaker’s intentions to build EVs at not just one but possibly two separate factories in Europe. The executive was also very candid about BYD’s future, its comparisons to Tesla, and how it intends to expand overseas.
Build Your Dreams (BYD) is a Chinese EV automaker that has used 2022 as a major turning point to expand upon its own dream of becoming a globally recognized brand. This past August, the automaker announced plans to enter the Japanese market, including the start of sales of its Atto 3 EV, which will begin next month.
Ten days later, the automaker followed up with additional expansion plans that include Germany and Norway, with deliveries beginning this quarter. Since then, BYD’s plans to infiltrate EV markets in Europe also include Sweden, the Netherlands, France, and the UK. Additionally, it is mulling bringing a fourth EV model to Europe – the Dolphin.
To begin, BYD will continue to build its models in China and ship them overseas to Europe. While that method of operation may work at first, a long-term supply chain strategy would argue that local production is your best path to success – if you can afford it. BYD has recognized this already and confirmed that’s the plan.
BYD’s expansion in Europe will include local EV production
In a recent interview with Bloomberg, BYD executive vice president Stella Li shared some very insightful details to the company’s future plans, in response to Warren Buffett selling down much of his long-term stake in the Chinese automaker.
As previously stated, Li confirmed that BYD is intending to implement EV production in Europe at one, or maybe even two different plants. Li stated the company is evaluating the best location(s) to best support its quick ramp-up overseas. Li also confirmed that BYD is buying its own ships to export EVs to Europe in the interim:
The size of BYD, when we go to any shipping companies, their service cannot really 100% satisfy us.
Li was asked about fellow global EV brand, Tesla as BYD’s potential competitor in China and new markets, but the EVP said she doesn’t view the American automaker as a competitor because its success means more people are adopting EVs. Instead, she explained, the enemy of both BYD and Tesla is the combustion vehicle. Well said.
As if multicultural expansion wasn’t enough, BYD also intends to introduce two luxury sub-brands next year. Li explained that one will deliver both an SUV and sports car, while the other will encompass the worlds of fashion, styling, and cars as a hobby.
It’s unclear whether these new brands will also be sold in Europe, but we’d imagine the automaker remains focused on delivering its current lineup of EVs overseas first while it starts to implement local production facilities.
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