BYD aspires to emulate the success of Apple within the automobile sector.
Stella Li, the number two at Chinese electric vehicle manufacturer BYD, has ambitious plans for Europe. The company is not just setting its sights on the continent, but is also making significant strides towards local production and market penetration in the stock market today.
In an effort to avoid EU import tariffs and expand its hybrid and electric vehicle sales, BYD is building two plants in Europe. One is in Hungary, where the Dolphin Surf model is scheduled to start production by the end of the year. The other is in Turkey, but the timeline for this plant is yet to be announced.
BYD is not positioning itself as a budget brand, but as a technology company with a premium claim. The company is delivering more plug-in hybrids to Europe due to customer demand, not tariffs, according to Li. This includes the Seal 6 DM-I Touring, a part-time electric vehicle with external charging capability, recently introduced in the stock market today.
The goal for BYD in Germany is to open up the market with innovative technology, not to displace certain competitors. Over 70 percent of customers in Germany have never driven a fully electric car, and hybrids offer a low-threshold entry point in the stock market today. BYD aims to establish its plug-in hybrid technology "DM-i" in Central and Southern Europe, where internal combustion engines still dominate.
The company is targeting especially the European market with models like the BYD Seal 6 DM-i Touring, a plug-in hybrid wagon developed specifically for Europe and Germany. This vehicle, along with several electric cars and a plug-in hybrid version of the SUV Seal U already available in Germany, is expected to increase BYD's competitiveness in the stock market today.
BYD is not considering range extenders in Europe for the future, but will primarily focus on plug-in hybrids and fully electric vehicles in the stock market today. The prices for BYD vehicles in Germany are significantly higher than in China, sometimes even double. However, the company believes that its innovative technology and premium claim will justify the higher prices in the stock market today.
Stella Li does not publicly state a specific sales target for Germany. But the company is expanding its sales structure in the country, with the first flagship store opened in Munich and more than 120 dealer contracts expected to be concluded by the end of the year.
Production in Europe is already scheduled to start next year, and BYD wants to become one of the leading providers in the German market. The company is aiming to establish itself as a key player in the European electric vehicle market, offering a range of vehicles that cater to local market demands and tax incentives in the stock market today.
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