China’s BYD to enter passenger car market in Greece

Chinese electric car maker BYD has announced that it is entering the Greek passenger car market with the launch of two models, in the latest move from the electric vehicle giant to expand its presence in Europe. The two cars being launched in Greece by the Shenzhen-based company are Yuan Plus crossover – known as the Atto 3 in overseas markets – and Seal sedan. The carmaker will be launching more models in the future.

In its efforts to remain the top global EV player, the carmaker is also hunting for a factory location in Mexico to increase its share of the local market, BYD Americas CEO Stella Li earlier told Reuters. The company expects to choose a location which would be able to produce 150,000 cars annually by the year end. The carmaker is looking to boost its global sales volume and make a mark in the global EV industry. Earlier this year, it outpaced US giant Tesla to become the most valuable EV maker globally in the fourth quarter of 2023.

BYD is one of the most aggressive Chinese players, posing immense competition to its global rivals, especially Tesla. The company is expected to bring massive price cuts to Mexico, just like it did in its home market. The cost advantages come from the company’s early investment in EV technology and a high degree of vertical integration. As per analysts, Chinese automakers have been rapidly improving their vehicles and even moving faster than global rivals in some areas, such as infotainment systems and autonomous driving.

The automaker recently launched the Seal sedan in India as well and plans to bring in more models into the country. The world’s largest EV maker by volume, BYD sees India as a crucial market for staying on top of the global EV game. While it isn’t doing volumes in the country at present, it has started seeing consumers warming up to the brand. BYD currently has 24 showrooms across 21 cities and plans to expand the network to Tier II and Tier III cities where incomes and businesses are growing. The company also plans to expand to areas where luxury vehicles demand is stronger.