Key facts
- BYD plans to invest nearly €2 billion in Europe to develop infrastructure for its 'flash-charging' technology.
- The company aims to make five-minute charging available for all mainstream BYD models in the coming years.
- BYD is seeking to acquire an existing factory in southern Europe for its second continental EV assembly plant.
- Spain is among the countries being considered for the new facility.
- BYD's first European plant in Hungary is slated to begin production in the fourth quarter.
Chinese electric vehicle manufacturer BYD is planning a significant investment of nearly €2 billion in Europe to develop infrastructure for its 'flash-charging' technology, aiming to enable five-minute charging for all its mainstream models within the next few years. Concurrently, BYD is exploring the acquisition of an existing factory in southern Europe, with Spain being a primary candidate for its second continental EV assembly plant. This strategy of acquiring established facilities is intended to meet the EU's proposed 'Made in Europe' local content rules and avoid potential tariffs on Chinese-made electric cars.
BYD's first European plant, located in Hungary, is scheduled to commence production in the fourth quarter, although this marks a delay from its original timeline. The company has also placed a planned factory in Turkey on hold. Despite these adjustments, BYD has seen substantial growth in the European market, with sales increasing by 270% last year to nearly 188,000 vehicles, and more than doubling in the first five months of this year to over 100,000 units. The European auto industry faces challenges with excess production capacity, leading some automakers like Stellantis to consider leasing underutilized factories to Chinese manufacturers such as BYD and Leapmotor.