BYD Resets European EV Strategy After Missing 5% Market Goal Amid Poor Hiring, Weak Dealer Network: Report

BYD Co., Ltd (OTC:BYDDF) (OTC:BYDDY) is pivoting its European strategy as the Chinese EV manufacturer looks to expand into the market.

What Happened: Failing to hire executives with an understanding of the European market, as well as a small dealer network, were some of the ‘strategic missteps' BYD took as it entered into Europe, sources told Reuters on Wednesday.

BYD targeted at least 5% of the European EV Market prior to beginning production at its facility in Hungary, the report says, citing former BYD European Chief Michael Shu. However, the company fell way below expectations, selling over 57,000 vehicles in 2024 with a 2.8% market share.

BYD had announced that Plug-In Hybrids would play a crucial role in its European strategy. That decision came after advice from the company's European special adviser, Alfredo Altavilla — a key figure in the rejig who convinced the brand that EV penetration in many European markets still lags behind ICE and Hybrids, the report suggests.

"It is necessary to educate customers in the green transition.” Altavilla shared in the report. BYD has since hired various executives from rival companies like Stellantis NV (NYSE:STLA) as well as appointed executive VP Stella Li in charge of Europe, the report says.

The company's sales in Europe have since experienced a surge, having sold over 37,000 units in the region — including the United Kingdom — in Q1 2025. The company had sold just over 8,500 units last year, around the same time.

Why It Matters: BYD has recently made headway into Japan as the company targets the local minicar market with an affordable EV. The company had also disrupted the Chinese domestic market by introducing its God's Eye driver assistance system even in affordable models.

BYD had recently unveiled new charging tech, which was capable of providing over 250 miles of range in just over 5 minutes of charging. BYD is now the world's largest battery EV manufacturer with over 15.7% of the global market share.

Elsewhere, other Chinese manufacturers are also making their way to the European market. However, it could prove to be difficult as Nio Inc. (NYSE:NIO) recently announced a delay to the launch of its Firefly EV in Europe. 

Price Action: BYDDF currently trades for $49.13, according to Benzinga Pro data.

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