BYD has announced plans to build the majority of the electric vehicles it sells in Europe locally, while taking a jab at the EU for its import tariffs. Frustrated by the EU’s regulatory landscape, the Chinese automaker is ramping up local production to dodge some of the financial hits. At the same time, BYD is making it clear that it won’t simply absorb the extra costs without fighting back.
The Chinese brand has been slapped with an extra 17% tariff on top of the existing 10% rate for vehicles manufactured in China and exported to Europe. However, while speaking at the Paris Motor Show, BYD executive vice president, Stella Li, noted the brand will produce many components in Europe, assemble battery packs at plants in Hungary and Turkey, and only import battery cells from its home country.
Read Article