BYD's Seagull hatchback, expected to be on sale in Europe next year, currently sells for less than €9,200 in China.Cheap electric vehicles from China are already pushing into Europe, undercutting one of the region’s biggest industries. BYD, which overtook Tesla late last year as the biggest global EV maker, is about to raise the stakes.
That would price the four-seater thousands below electric runabouts that Stellantis, Renault and others are counting on to help them bridge the energy transition. Its impending arrival is ratcheting up pressure on Europe’s automakers for dominance in the post-combustion engine era. An anti-subsidy investigation by Brussels is unlikely to extinguish the threat.
Mexico “is not great for us, but in the end we found a lot of demand, a lot of heat for this,” BYD executive vice-president Stella Li said at an event last week in the capital, unveiling a plug-in hybrid pickup for the Mexican market. The region’s carmakers are more dependent on the Chinese market than their US counterparts, making them vulnerable to retaliatory measures. Beijing underscored the point on Wednesday, signalling it could unleash tariffs of as high as 25 per cent on imported cars with large engines – a move that would hit Mercedes-Benz Group and BMW especially hard.
Founded in 1995, BYD started out making batteries before expanding into autos in 2003. It began selling passenger cars in Europe three years ago and made splashes at both the Paris and Munich auto shows.BYD shares have advanced 9.6 per cent this year after losing 23 per cent in 2023. For now, it is the former British brand MG Motor that is leading the charge, after spending years to rebuild its dealer network and customer base since its 2007 acquisition by Shanghai Automotive Industry Corp.
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