The Chinese company BYD is considering the possibility of building a second plant in Europe, writes Manager Magazin (mm) on May 10.
BYD plans to produce its cars “in Europe for Europe” and become the main supplier of electric cars on the continent by 2030. Thus, the Chinese car manufacturer BYD is preparing to become the main supplier of electric vehicles in Europe by the end of the decade.
According to BYD Europe director Michael Shu, the company plans to invest billions in factories, dealerships and marketing. To do this, BYD is considering building a second assembly plant in Europe.
Last December, BYD already announced the construction of a plant in Hungary, becoming the first Chinese manufacturer of electric vehicles with its own production in Europe. The Hungarian plant should start production next year.
The European Commission is currently investigating whether Chinese car manufacturers are using subsidies to keep the prices of their cars artificially low. The investigation is expected to lead to higher tariffs on imported models.
Shu emphasized that BYD plans to produce its cars “in Europe, for Europe,” which should avoid fines or EU tariffs. Previously, a BYD manager in London stated that an electric car based on the Seagull model would be launched on the European market at a price of less than 20,000 euros. In China, this model sells for about $10,000.
It should be noted that the plan to build the first BYD plant in Hungary received even greater weight after the meeting of Chinese President Xi Jinping with Hungarian Prime Minister Viktor Orban. During the visit, both countries signed a total of 18 agreements.
Source: Rossa Primavera
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.