TECH - BYD Has Its Eyes Set On Conquering Europe | Benzinga
On Monday, BYD Company Limited (OTC: BYDDY) signed a deal to open a $1 billion electric-vehicle factory in Turkey, directly threatening the dominance of Tesla Inc (NASDAQ: TSLA) in several European markets.
BYD Is Boosting Its Presence In Europe
Although BYD has already been selling its EVs in Europe since 2021, most of its sales are still in China, but the Tesla killer is aggressively expanding its footrpint outside its home market. This will be its second facility in Europe, with the first currently undergoing construction in Hungary. Its facility in Turkey will be located in Manisa province, allowing BYD to avoid 40% tariffs in the country. In addition, Turkey has a customs trade deal with the European Union, which hit BYD with provisional tariffs for imported Chinese electric vehicles last week, adding a 17.4% charge to the existing 10% rate for vehicles that were not manufactured within the EU.
According to Investor’s ...