TECH - Warren Buffett-Backed BYD Aims To Outperform Tesla VW Stellantis As Europe's Leading BEV Seller: 'The Long Term Is To Produce Locally;' | Benzinga
Warren Buffett-backed Chinese automaker BYD Co Ltd (OTC:BYDDF) (OTC:BYDDY) has set its sights on becoming the top battery-electric vehicle (BEV) seller in Europe, aiming to surpass Volkswagen AG (OTC:VWAGY), Tesla Inc. (NASDAQ:TSLA), and Stellantis NV (NYSE:STLA).
What Happened: Michael Shu, the European president of BYD, announced the company’s ambitious plans at the Future of the Car Summit, the Financial Times reported on Friday.
Shu revealed that BYD is preparing for a “huge investment” in factories, dealerships, and marketing in Europe. The company’s strategy includes a budget model based on the Seagull, which sells in China for under $10,000. The European variant of this model is expected to cost less than €20,000 ($21,548).
Despite the ongoing investigation by the European Union into potential subsidies used by Chinese automakers to reduce vehicle prices, Shu assured that BYD plans to manufacture its cars “in Europe for Europe.” This move could potentially help the company avoid higher tariffs and logistical challenges associated with importing vehicles to Europe.
"To ship cars from China to Europe is not going to be long term. The long term is to produce locally," he said.