By Paul Homewood
I warned about this years ago:
Chinese carmaking giant BYD Co. will start selling vehicles this quarter in the UK, where electric cars are seizing a growing share of the market. BYD already outsold Tesla in 2022.
Chinese carmaking giant BYD Co. will start selling vehicles this quarter in the UK, where electric cars are seizing a growing share of the market.
The automaker backed by Warren Buffett’s Berkshire Hathaway Inc. has appointed four UK dealer partners in Pendragon Plc, Arnold Clark Automobiles Ltd., Lookers Motor Group Ltd. and LSH Auto Holdings, according to an emailed statement. BYD’s debut model will be the Atto 3 sport utility vehicle, and it will announce more dealer partners and pricing in the coming weeks.
While the UK remains one of Europe’s biggest car markets, automakers have struggled to revive sales since the start of the pandemic, with registrations slumping to a 30-year low in 2022. EVs have been a bright spot, with battery-electric models accounting for around 17% of deliveries last year, overtaking diesel for the first time.
Shenzhen-based BYD has been expanding in Europe, having already set up shop in countries including Norway, Denmark, Sweden, the Netherlands and Belgium. The group — which also has been making a big push into other markets around Asia, including Thailand and Australia — may even pass up Tesla Inc. in global EV sales this year by expanding its model lineup and manufacturing capacity, according to BloombergNEF.
When including its plug-in hybrid electric vehicles, BYD already outsold Tesla in 2022, and its sales of fully electric vehicles soared to around 911,000 last year, from 321,000 in 2021.