- BYD’s European market share more than doubled to 2.8% in May, surpassing Ford, Tesla and Nissan
- The company has overtaken Tesla in global EV sales and aims to surpass Toyota within five years
- Executive Stella Li said BYD can reach the top without entering the U.S. passenger-car market
- BYD is investing billions in its premium Denza brand and European charging infrastructure
BYD more than doubled its European market share to 2.8% in May, overtaking Ford, Tesla and Nissan in the region. The Chinese automaker’s U.S.-listed stock jumped 3% on Tuesday, closing at $10.98.
BYD has already overtaken Tesla in global EV sales and now aims to surpass Toyota as the world’s largest carmaker within five years. Stella Li, who leads international operations, “We don’t need the US market to achieve that,” she told the Financial Times.
BYD sold about 4.5 million vehicles last year, compared with Toyota‘s 10.5 million. The company remains largely excluded from the U.S. passenger-car market because of tariffs and restrictions on Chinese automotive software.
With China‘s auto market caught in a brutal price war, the company is leaning heavily on overseas growth. Europe is especially attractive as BYD can earn higher margins there than in its home market.
BYD is also investing in its premium brand Denza, recently unveiling the Denza Z electric supercar priced from approximately $184,000 in the U.K. The company plans to spend nearly $2.2 billion installing 3,000 “flash” chargers across Europe by 2027, with technology capable of charging compatible Denza models to 70% in five minutes.
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