BYD to Launch Three New PHEVs in Europe Next Year
BYD, the world’s second best-selling electric car manufacturer, is set to introduce three new plug-in hybrids (PHEVs) alongside three electric cars in Europe next year. This move comes as the Chinese company aims to expand its product portfolio and increase its market share in the region amidst challenges such as declining EV demand and import tariffs.
Importance of Plug-In Hybrids
BYD President Stella Li emphasized the significant role that PHEVs play in the brand’s growth in Europe. She highlighted the Seal U DM-i as the company’s “global sales champion” and described PHEVs as a game-changer offering that bridges the gap for consumers hesitant about fully electric vehicles.
Benefits of PHEVs
Li pointed out the flexibility and reduced running costs of PHEVs as key selling points. She noted that offering competitive prices and educating consumers on the savings associated with PHEVs can drive solid growth in new-energy vehicles (NEVs).
Market Trends and Expansion Plans
Li shared insights into consumer preferences in China, where PHEVs and range-extender vehicles (REVs) are popular choices for those transitioning to electric vehicles. BYD plans to introduce its Fangchengbao range-extender 4x4s in mainland Europe and the UK, in addition to launching three new EVs in the European market.
Local Production and European Expansion
To mitigate import tariffs and establish a stronger presence in Europe, BYD is working towards localizing production. The company will begin manufacturing cars at its new factory in Hungary by the end of 2025 and aims to open a facility in Turkey shortly after. This strategic move aligns with BYD’s goal of becoming a European brand with localized production and research and development.
Conclusion
BYD’s upcoming launch of new PHEVs and EVs in Europe demonstrates its commitment to diversifying its powertrain offerings, expanding its market presence, and establishing a strong foothold in the region. With a focus on local production and addressing consumer needs, BYD is poised to solidify its position as a global leader in the electric vehicle market.
