Chinese automaker BYD is looking to launch its first Electric Vehicle in Europe in the months to come and is also looking to open a couple of factories in this continent. The company is also eyeing locations in west and east of the continent however it is going to prefer the ones which are more developed where the demand for the electric vehicle is already high and is growing further.
This is a move which could help BYD meet its growing demand and also avoid the high tariffs which are imposed on the Chinese imports by the EU. This is going to make its vehicle priced more competitively and help in the company gaining a market share in the region.
The carmaker has already built factories in many countries including one which it has in Canada and three in Brazil. This is apart from the Chinese market where it has the single largest electric vehicle presence. The company managed to outsell Tesla and is the second biggest manufacturer of electric vehicles in the world. This move of opening factories in Europe is a part of the broader strategy of BYD to become the global leader in the Electric Vehicle Industry.
With the plans it has of opening two factories in Europe, BYD is going to position itself for capitalizing on the growing demand for the electric vehicles all over the continent. The company had announced in the summer that it wanted to begin selling its EVs first in Europe in select countries before it could expand further into Europe. This would be a major shift for them as they enter into markets which are yet unexplored for them and could also offer a more affordable brand to the consumers in the European region too. This will help further growth of the company.