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Chinese leading electric vehicle (EV) and battery maker BYD [1211:HK] announced that it will release three EV models in the European market as part of its plan to become the global leader in EVs, as reported by Nikkei Asia on October 18. Specifically, the company will launch the EVs in Germany by the end of 2022, then in France, the UK, and other major markets in 2023. The EVs to be sold in Europe will mainly be exported from China, with the possible supply from a planned Thai factory. Last month, BYD also announced the launch of three new models of EVs in Japan in 2023 to expand its presence in the growing market.
As the world’s second top-selling EV brand behind Tesla [TSLA:US], BYD looks to take on the European EV market, which contributes around 20% of global EV sales. The demand for electric cars is expected to continue growing in Europe, as the European Commission has proposed to require all new cars sold in 2035 and beyond to reduce their carbon dioxide (CO2) emissions to zero. As part of its plan to tackle global warming, the European Commission proposed a 55% reduction in CO2 emissions from cars by 2030 compared to 2021 levels and a 100% cut in CO2 emissions by 2035.
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