Automakers

BYD exec outlines ambitious plans for Europe

BYD Europe Michael Shu Geneva 2024 with Seal
BYD Europe boss Michael Shu introduces the Seal plug-in hybrid at the 2024 Geneva auto show. (Bloomberg)
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March 11, 2024 04:55 AM

BYD has ambitious plans for Europe. The Chinese automaker wants a 5 percent share of Europe’s electric vehicle market even before it launches production at a new plant in Hungary. Based on 2023 sales figures, that would a volume of 70,000 full-electric cars. If the pool includes plug-in hybrids, which BYD also plans to offer in Europe, a 5 percent share would be nearly 115,000. In 2023, BYD sold fewer than 16,000 cars, all of them full electric, giving it a 1.1 percent share of that sector, according to market researcher Dataforce. Tough targets don’t seem to bother BYD. Not long ago few would have predicted that it would pass Volkswagen brand to become China’s largest automaker or that it would challenge Tesla for global leadership in full-electric sales. It achieved both milestones last year. BYD Europe CEO Michael Shu outlined the automaker’s plans for Europe in an interview with Automotive News Europe Associate Publisher & Editor Luca Ciferri and Automobilwoche Publisher & Editor Burkard Riering at the 2024 Geneva auto show.

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