BYD is also expanding its production capacity overseas, starting with a car factory in Thailand and another in Brazil that are expected to be built by 2024. One or more factories in Europe are also under discussion and could be announced before the end of this year.
Next steps
Having sold its consumer EV models in the European market since 2019, BYD has set ambitious goals for 2030: to sell 800,000 cars in Europe annually, reach 10% of the market share, and become one of the top three EV brands in the region.
But to succeed in Western markets, BYD needs to overcome the unfavorable reputation of made-in-China products. The company needs to score higher in safety tests, offer better exterior and interior designs, and show that its cars are reliable. BYD also faces geopolitical challenges—including intensifying tensions around battery materials and technologies, and the lack of EV charging infrastructure across the world.