BYD plans new factories to increase European market share

BYD, the largest electric vehicle (EV) maker in the world, is planning to expand its presence in Europe. The company aims to build factories in the region to boost its market share and avoid high tariffs on imports from China. BYD's factory in Hungary will begin production later this year, capable of making 150,000 vehicles per year initially, with plans to increase that number to 300,000. A second factory in Turkey is set to start operations next year, and a third factory is being discussed, possibly in Germany. The new factories could help BYD avoid the European Union's additional tariff of 17% on Chinese EVs. While some internal discussions are ongoing regarding the costs in Germany, the company is committed to establishing a strong foothold in Europe. Meanwhile, BYD has announced advancements in charging technology in China, claiming it can match the refueling speed of traditional gas stations, but there is no timeline for a European release. BYD currently trails behind other brands in European sales, with around 41,000 vehicles sold last year. Competitors like SAIC and Geely sold significantly more. However, analysts predict BYD's sales in Europe could more than double this year. Recently, the company raised $5.6 billion from investors to help support its export plans. Experts believe that BYD's upcoming models, including the Dolphin Mini EV, could further enhance its standing in European markets. The company is also working on fast-charging technology that could add 250 miles of range in just five minutes. Analysts report this technological advancement could significantly improve BYD’s competitiveness. The anticipated growth of BYD in Europe may pose challenges for local manufacturers, especially as the market is expected to stagnate in 2025. With the European market not expanding much, any increase in BYD's market share could mean losses for European automakers.