China’s BYD will consider second Europe plant in 2025, executive says By Reuters

By Nick Carey

LONDON (Reuters) -Chinese automaker BYD (SZ:) will consider building a second assembly plant in Europe in 2025, its European managing director Michael Shu said on Thursday.

Speaking at the FT’s Future of the Car conference, Shu said that 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, should cost less than 20,000 euros ($21,550) 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 automakers in Europe scrambling to develop more affordable models.

Shu said that BYD wanted to become a leading EV maker in Europe by 2030.

“We are confident that we could be in a leading position by 2030,” he said.

BYD said last December that it would build an EV plant in Hungary, becoming the first major Chinese automaker with a production base in Europe.

BYD’s Shu spoke as Chinese President Xi Jinping visited Hungary on the third and final stop on 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 European Union 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 7.3 billion euro ($7.86 billion) battery plant in Debrecen.

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SOURCE: Investing.com – Stock Market News   (go to source)
AUTHOR: Reuters
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