Chinese electric automaker BYD aims to snatch the electric vehicle crown from American rival Tesla in the European market by 2030, Financial Times reports, citing a local managing director.
In order to achieve that, the company will explore the potential development of a second local factory in the region in 2025.
BYD seeks to dominate the European EV market by 2030
During FT’s Future of the Car conference on Thursday, BYD European managing director Michael Shu reportedly announced that the company aims to advance as the top electric vehicle player in the European market by 2030.
“We are confident that we could be in a leading position by 2030.”
Michael Shu, BYD’s European managing director
However, it must first defeat the current leader, Tesla, to achieve that ambitious goal.
Plans for a second local factory
The European managing director also disclosed at the recent conference that BYD will consider erecting a second local production plant in Europe in 2025.
In addition, the Chinese electric automaker reportedly aims to launch a new affordable EV model in the European market based on the BYD Seagull.
According to Michael Shu, the European version could start at sub-20,000 euros ($21,550). For reference, the BYD Seagull sells at less than $10,000 in the Chinese market.
Low-cost EV strategy
Electric vehicle prices, on average, remain higher by about 30% than internal combustion engine-powered counterparts.
This price disparity continues to discourage people from shifting to zero-emission vehicles, particularly battery-electric models.
In that sense, BYD has launched low-cost EV offerings to attract customers and boost its sales figures over the past quarters. In fact, it even managed to beat Tesla in the fourth quarter of 2023.
All that said, BYD’s affordable models would play a crucial role in its efforts to lead the European market. However, it would undoubtedly be challenging, considering that the EU is currently working to curb the surge of low-cost China-made EVs to protect its domestic market and homegrown automakers.
