BYD’s goal is to strengthen its position in the European electric vehicle market. The company’s BYD Automotive division will be responsible for the sale of BYD EVs and parts in Germany, as well as operating stores in Stuttgart and Frankfurt.
The transaction is expected to close in the fourth quarter of 2024, subject to obtaining the necessary approvals. The move will help BYD better control its strategy in Germany amid falling demand for electric vehicles this year.
Reuters notes that Hedin Electric Mobility previously managed BYD’s relations with dealers in Germany, facilitating BYD’s entry into the European market. At the same time, BYD will continue to cooperate with other dealers in Germany.
Source: Ferra
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