Chinese leading automaker BYD announced its target of claiming a notable 6% of the United Kingdom’s electric vehicle market in the following years, GBN reports.
BYD to sell 21,000 EVs annually in the UK
In order to achieve that 6% market share, BYD aims to sell 21,000 electric cars per year.
The Chinese EV giant has also already introduced three electric models in the local market, with plans to unveil three to four models in 2024.
Considering its manufacturing prowess, the 21,000-unit sales target would not be very hard for BYD. In fact, it already topped the five million NEV production milestone last month.
“Over committing in some channels puts pressure on residual values. Our growth will be built on customer demand, and we are confident we have the support to get the volumes we need to meet that demand. A target of six per cent share of the electric vehicle market means we won’t be more than six per cent in any one channel.”
BYD UK Head of Sales, Simon Bisp
Octopus Energy boosts demand
Octopus Energy’s support apparently influenced BYD’s decision to expand in the British EV industry.
BYD will sell a total of 5,000 Atto 3 models to Octopus in the following three years, the press release noted. The two companies signed a landmark deal on early March, marking Octopus’ biggest transaction in its history.
In return, the Chinese EV giant acknowledged Octopus as its salary sacrifice provider with at least a 30% customer discount on the upfront cost.
It must also be noted that this model is the brand’s first EV offering in the UK.
“When Octopus Electric Vehicles launched, there were only a handful of EVs on the market – we’re now at more than 85 and the figure is rising all the time. Customers have an amazing range of models to choose from, all of which are at the cutting edge of tech and are fun to drive. Being able to partner with BYD as they launch in the UK is a real milestone. They’re a global leader and we’re looking forward to being able to offer our 5* Trustpilot service to customers – accelerating our growth and moving us another step closer to zero emission transport in the UK.”
Oliver Boots, Chief Commercial Officer at Octopus Electric Vehicles,
Supply strategy
Mr. Bisp further noted BYD’s plans to prepare sufficient EV stock in the country to ensure that customer wait times would not exceed a month.
However, he already stated that customers may wait three to four months if demand surpasses the supply.
See Also:
- BYD signs three-year agreement to produce 5,000 EVs for UK car rental company Octopus EV
- BYD delivered 1000th Electric Bus to ADL, UK
- BMW unveils next-gen EV model to compete with Tesla and BYD
- BYD advances as the world’s 5th largest automaker with 4.7% market share in July
- BYD plans European debut of numerous EV models at the IAA Mobility, including its Denza sub-brand
BYD has undoubtedly advanced as one of the leading new energy vehicle makers globally. It currently dominates the world’s largest auto market, China. Now, it is set to lead the European EV industry with its innovative products. It will be exciting to see how it would compete with America’s Tesla in the region.
