The corporate fleet market is key to BYD’s push to break through in Europe, where the the world’s biggest maker of electric cars has struggled to gain traction
BYD will work with French car-leasing firm Ayvens to expand its presence in Europe, in a deal that gives the Chinese electric-car maker better access to the region’s lucrative corporate market.
The partnership, which covers both passenger EVs and light commercial vehicles, will start out in France, the Netherlands, Belgium and Luxembourg, the companies said on Tuesday (Jul 2).
Ayvens expects to offer commercial and retail leasing services with BYD at more than 30 European companies within a year.
The corporate fleet market is key to BYD’s push to break through in Europe, where the the world’s biggest maker of electric cars has struggled to gain traction.
BYD has intensified its activity in the region, sponsoring the Euro 2024 championships in Germany as it builds a factory in Hungary to increase output in the region.
Corporate fleets make up a majority of sales in most major European markets, underscoring the importance of the memorandum of understanding reached with Ayvens, which is majority owned by French bank Societe Generale.
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BYD signed a deal with car rental provider Sixt in 2022 to supply 100,000 cars through 2028, but has struggled to build up a wide-ranging distribution network in Europe so far.
Like other Chinese carmakers, BYD faces increased regulatory obstacles, with the European Union set to start imposing tariffs on Chinese-made electric vehicles this week. BYD vehicles are set to get off with a relatively light 17.4 per cent added levy. BLOOMBERG
