European EV makers have a problem—most of the electric cars they make are expensive. This hasn’t been a problemin countries like Norway, with its strong government incentives to switch to EVs. But in other areas, this has left them vulnerable to cheaper imported options, particularly from China. One of the major Chinese brands angling to take advantage is BYD. With more revenue than Tesla in Q3 of 2024, BYD is growing fast and is on the top of the agenda for European leaders. Could BYD be on target to dominate the European EV market?
In typical Chinese brand fashion, BYD stands for “Build Your Dreams”. You can see this emblazoned on some of the company’s cars, but wisely many simply have the letter initials. Although BYD only started selling cars in Europe in late 2022, the company already offers a wide range of models, from the affordable compact Dolphin to the Atto 3 family EV, the Tesla Model 3-like Seal sedan, and the Tang SUV. In 2023, this only gave BYD 1.1% of the European EV market, but this is expected to increase to 5% in 2025.
