BYD Doubles Models In Europe Push As EV Sales Growth Slows Down In China: Report

BYD Co. (BYDDY) has reportedly expanded its models and showrooms in the European market, according to the company’s Executive Vice President, Stella Li.

According to a Bloomberg report, Li announced on Monday at the Munich auto show that BYD now has 13 cars on sale in Europe, up from six cars two years ago. The company will also expand its stores to more than 1,000 in 32 countries across Europe, Li added.

This comes at a time when the sales growth of electric vehicles and hybrids has slowed down to an 18-month low, according to data from the China Passenger Car Association (CPCA), reported Reuters.

BYD’s American Depository Receipts (ADR) were up 0.75% in Monday’s opening trade. Retail sentiment on Stocktwits around the company was trending in the ‘bullish’ territory.

BYD’s most recent addition to its European portfolio is the Seal 6 DM-i Touring, a plug-in hybrid vehicle offering a combined gasoline and battery range of 1,350 kilometers (839 miles).

The Tesla Inc. (TSLA) rival’s increased focus on the European markets comes at a time when the competition in the Chinese market is intensifying amid price cuts and a slowdown in sales growth. CPCA data showed that overall car sales in China stood at 2.02 million in August, growing 4.9% year-over-year. According to the Reuters report, CPCA Secretary General Cui Dongshu warned of a further slowdown in the fourth quarter (Q4).

BYD has also reportedly trimmed its sales target for 2025 by 16% to 4.6 million vehicles, according to another Reuters report.

BYD’s ADRs are up 19% year-to-date and 36% over the past 12 months.

Also See: Dow Futures Rise As Investors Look Out For Key Inflation Data This Week: HOOD, APP, TSLA, AVGO Among Stocks To Watch

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