According to Reuters, on August 30, Chinese automaker BYD and its German distributor Hedin Electric Mobility said that BYD would acquire Hedin Electric Mobility to strengthen its brand influence in the European electric vehicle market.
At the same time, BYD said that Hedin’s Automotive eMobility division will continue to sell BYD vehicles in three German cities.
Photo source: BYD, BYD said its German subsidiary will be responsible for BYD’s sales of cars and parts in the German market, as well as the management of stores in Stuttgart and Frankfurt, Germany.
At the same time, BYD added that the transaction has yet to be approved and is expected to be completed in the fourth quarter of this year.
The move will give BYD better control of its strategy in Germany.
Last year, BYD sold just over 4,000 vehicles in Germany, but since the beginning of this year, its German sales have fallen sharply due to slowing global demand for electric vehicles.
Hedin Electric Mobility is a Swedish travel group that previously managed BYD’s relationship with six German dealers to promote BYD’s entry into the European market.
In addition, Hedin is also responsible for managing the distribution activities of other Chinese automobile brands such as Xiaopeng Automobile and Hongqi Automobile.
In addition to Hedin, BYD also works with other German dealers such as Sternauto.
Earlier this year, Sternauto opened a store for BYD in Berlin.
, BYD, which produces batteries and electric vehicles and leads the Chinese electric vehicle market, has been expanding globally in recent months and its global influence has expanded, laying the foundation for manufacturing bases in Europe and Mexico.
BYD is targeting a 20% year-on-year sales growth this year, so the company is offering significant discounts on its best-selling electric vehicles to ensure its lead.
In the first seven months of this year, BYD’s overseas sales accounted for 11.
9% of its total car sales, with the UK becoming BYD’s largest market in Europe.
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