Chinese carmaker BYD will consider building a second assembly plant in Europe in 2025, its European MD Michael Shu said on Thursday.
Speaking at the FT's Future of the Car conference, Shu said BYD will bring a low-cost electric vehicle based on its Chinese Seagull model to Europe.
The European version of the Seagull, which retails in China for less than $10,000 (about R184,750), should cost under €20,000 (R398,137) in Europe, Shu said.
EVs are on average around 30% more expensive than combustion-engine equivalent models, which has undercut demand for zero-emission cars, leaving legacy carmakers in Europe scrambling to develop more affordable models.
Shu said BYD wanted to become a leading EV maker in Europe by 2030.
"We are confident we could be in a leading position by 2030," he said.
BYD said last December it would build an EV plant in Hungary, becoming the first major Chinese carmaker with a production base in Europe.
BYD's Shu spoke as Chinese President Xi Jinping visited Hungary on the third and final stop of his first European tour in five years.
Hungary under right-leaning Prime Minister Viktor Orban has become an important trade and investment partner for China, in contrast with some other EU nations.
Warm political relations have turned into investments as Chinese battery and electric vehicle makers began setting up production in Hungary.
EV battery maker CATL has been among the biggest investors with a €7.3bn (R145.21bn) battery plant in Debrecen.
BYD will consider second Europe plant in 2025
Image: Wikimedia Commons
Chinese carmaker BYD will consider building a second assembly plant in Europe in 2025, its European MD Michael Shu said on Thursday.
Speaking at the FT's Future of the Car conference, Shu said BYD will bring a low-cost electric vehicle based on its Chinese Seagull model to Europe.
The European version of the Seagull, which retails in China for less than $10,000 (about R184,750), should cost under €20,000 (R398,137) in Europe, Shu said.
EVs are on average around 30% more expensive than combustion-engine equivalent models, which has undercut demand for zero-emission cars, leaving legacy carmakers in Europe scrambling to develop more affordable models.
Shu said BYD wanted to become a leading EV maker in Europe by 2030.
"We are confident we could be in a leading position by 2030," he said.
BYD said last December it would build an EV plant in Hungary, becoming the first major Chinese carmaker with a production base in Europe.
BYD's Shu spoke as Chinese President Xi Jinping visited Hungary on the third and final stop of his first European tour in five years.
Hungary under right-leaning Prime Minister Viktor Orban has become an important trade and investment partner for China, in contrast with some other EU nations.
Warm political relations have turned into investments as Chinese battery and electric vehicle makers began setting up production in Hungary.
EV battery maker CATL has been among the biggest investors with a €7.3bn (R145.21bn) battery plant in Debrecen.
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