Byd’s global expansion does not show any signs of slowdown, especially in Europe
<!–
–>
by Brad Anderson
8 hours ago
–>
–>
- The executive byd Stella Li described China as “the homeland for innovation” in the automotive industry.
- Company sales increased by more than 40% worldwide last year thanks to its electric vehicles and PHEV.
- Its growth is made all the more impressive by the fact that it does not sell any vehicle in the United States.
Over the past five years, Byd, the Chinese electric vehicle giant, has gone from an outsider to a full -fledged automotive mastodon. In fact, this makes the brands of inherited cars seem to rush to catch up. Although Tesla is undoubtedly its biggest rival, the executive vice-president of Byd, Stella Li, seems to think that there is room for cooperation, at least with regard to internal combustion engine cars.
“Our common enemy is the internal combustion engine car. We have to work together. . . to change industry, ”she said to Financial time in an interview.
Read: Byd arrives after Ford F-150 with a full-size pick-up
Of course, Li is not talking about teaming up with Tesla to co-develop a new vehicle. Instead, she thinks that the main manufacturers of electric vehicles can work together to advance industry as a whole.
During the interview, it also described the Chinese automotive market as “the homeland for innovation”, noting that the government will support foreign companies that seek to develop in China, even in the midst of increasing trade tensions with the European Union and the United States.
“(The) Chinese government is more open, so maybe there is a lot of bad perception here,” she added.
Byd’s growing pain and political decline
While byd sales continue to go up, it is not without challenges. The European Union has slapped prices on the company, as well as other Chinese manufacturers of electric vehicles, and pushes Chinese companies to transfer intellectual property to European companies in exchange for grants. Meanwhile, the Chinese government actively encourages local businesses to limit their investments in foreign manufacturers.
The European Commission arises that the growing presence of China on the EU market is mainly powered by a range of subsidies throughout the production process. These include lithium and battery supplies at reduced prices for public enterprises, tax alternatives, favorable funding of state-controlled banks and even cheap land to build factories.
Despite these problems, Byd goes ahead with its manufacturing factories in Hungary and Turkey, which will allow it to bypass the EU prices.
Li mentioned that she did not take too much in politics, stressing that consumers will always choose the best product. It is not worried either of the possibility of being excluded from the American market. Obviously, byd is confident in its continuous growth and plans to overthrow the internal combustion engine sooner or later.
