South Korean media: BYD's sales in Europe set a historical record in the first quarter!
On June 1, South Korean media "Seoul Economic Daily" published an article stating that it was reported that Chinese BYD has set a goal of exporting half of its new vehicles outside of China within 5 years.
BYD created a new sales record in Europe this year's first quarter and plans to continue this trend by expanding local factories and sales outlets.
It is reported that the company has formulated a strategy to increase overseas sales, with a focus on the European and South American markets.
Reuters reported that BYD expressed confidence to investors, saying that it owns a car lineup capable of targeting overseas markets.
Reuters explained that "if BYD achieves this goal, it will be on par with top automakers like Toyota and Volkswagen."
BYD sold 4.27 million vehicles last year, of which 90% were absorbed by the Chinese market.
It is reported that the management of the company stated that the European market is key to BYD's overseas sales goals.
BYD is establishing new electric vehicle and hybrid vehicle manufacturing plants in Hungary and Turkey, and expanding its sales network in Europe, meaning it needs to achieve results here.
According to data from research firm Lomotion, BYD's sales in Europe reached a new record of 37,201 units in the first quarter this year, increasing more than fourfold compared to last year. The market share in the local electric vehicle market is 4.1%.
However, some analysts believe that if BYD does not enter the US market, it will be difficult to achieve the goal of overseas sales accounting for 50%.
Due to tariffs and geopolitical factors, BYD has yet to enter the US electric passenger vehicle market.
Original article: https://www.toutiao.com/article/1833726624941059/
Disclaimer: This article represents the views of the author alone.