June 17, 2024 – Since September 2022, BYD has been actively expanding its presence in the European market, introducing multiple new energy vehicle models to 20 European countries including Germany, Britain, Spain, Italy, France, the Netherlands, Norway, and Hungary, through collaborations with various partners. The company has opened over 260 stores across these regions. Recently, BYD launched its SEAL U DM-i in the European market.
Regarding the progress of its factory construction in Hungary, BYD announced on December 22, 2023, that it would establish a new energy vehicle production base in Szeged, Hungary. This marks BYD as the first Chinese automobile company to build a passenger vehicle factory in the EU region. The factory, which is expected to be completed and operational within three years, will primarily produce passenger vehicles for sale in Europe. Its construction is anticipated to create thousands of local jobs and contribute to Hungary’s green economic transformation.
Notably, on May 9 local time, Shu Xuxing, General Manager of BYD Europe Automotive Sales Business Unit, stated that BYD aims to surpass Volkswagen, Tesla, and Stellantis, becoming the largest electric vehicle seller in the European market by 2030.
Shu revealed that BYD is preparing to make a “huge investment in the EU,” potentially reaching billions of euros, covering factories, distribution networks, and marketing. He also disclosed that BYD plans to introduce a low-cost electric vehicle based on the Haiou model to the European market, priced below 20,000 euros.
