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BYD plans to acquire car factories in Europe to expand its production

Stanislav Sereda
Stanislav Sereda Journalist
BYD plans to acquire car factories in Europe to expand its production
BYD
BYD, a Chinese corporation and the world’s largest manufacturer of electric vehicles, has begun negotiations with Stellantis NV and a number of other European companies regarding the acquisition of their production facilities.

This is according to Bloomberg.

The main objective is to acquire underutilised factories in order to rapidly ramp up its own vehicle production directly within the European Union.

According to BYD Vice-President Stella Li, facilities in Italy are currently a priority, whilst France is seen as a promising market due to competitive electricity prices.

The company is seeking sole ownership of assets rather than setting up joint ventures to simplify management processes and operational activities.

BYD’s aggressive expansion is driven by the rapid growth in demand for electric vehicles in Europe, which is being fuelled by volatility in fuel prices.

Utilising the spare capacity of European car manufacturers will allow the Chinese brand to consolidate its leadership in the EU market and optimise logistics as it expands its business globally.

As a reminder, it was previously reported that the number of electric vehicles has risen to almost 6,000, with BYD and Tesla models leading the market.

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