Expansion: BYD’s European offensive: Chinese electric car manufacturer penetrates the European market | news

Expansion: BYD’s European offensive: Chinese electric car manufacturer penetrates the European market |  news

• Speculations circulating about Warren Buffett’s exit from BYD

• BYD has been planning to expand into Europe for five years

• Three BYD cars for the European market

Warren Buffett’s possible exit?

Although the Chinese electric car maker is showing strong growth, there is speculation that BYD could lose its largest investor in Warren Buffett. As the Financial Times reports, the main investor with its holding company Berkshire Hathaway is said to have started to reduce its stake in the company. As a result, the company’s shares have fallen about 33 percent from their July peak as Buffett’s divestitures prompted investor panic selling. “The irony is that they make the best products they’ve ever made. Their sales growth is staggering. And one of their biggest investors is pulling out,” Tu Le, managing director of Sino Auto Insights, said of BYD, according to the Financial Times. There is currently no official reason for this action from either Buffett or the Chinese company. However, an unnamed senior adviser to a US hedge fund said geopolitical considerations may underlie Buffett’s decision.

BYD plant Expansion nach Europa

Still, the Shenzhen-based competitor to Elon Musk’s Tesla plans to expand into Europe. China’s largest electric car manufacturer and second largest battery manufacturer wants to compete against the big competitors. With sales soaring, analysts expect Chinese brands to take hold in Europe, much like Korean brands Hyundai and Kia have done. However, in addition to BYD, other Chinese electric car makers are also planning to gain a foothold in Europe, including NIO, Xpeng and Aiways, according to the Financial Times. BYD started preparations for the European offensive five years ago.

BYD starts in these countries

In a press release, the Chinese electric car manufacturer announces its product range for the European market. From now on, three fully electric cars are to be delivered to Norway, Sweden, Denmark, the Netherlands, Belgium, Luxembourg and Germany. Before the end of the year, customers in France and Great Britain will also have access to BYD’s zero-emission vehicles. Further dealers will then be appointed to support BYD in opening up all major markets in Europe. The prices for the three cars are also presented. The advance sale price for the BYD ATTO 3 is 38,000 euros, the advance sale prices for the BYD HAN and TANG are 72,000 euros. These presale prices apply to Germany and can therefore vary from country to country.

E. Schmal / Editor finanzen.net

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