China's BYD aims to be biggest car firm within five years
7 hours ago
- #electric vehicles
- #automotive industry
- #global expansion
- BYD aims to be the world's biggest automaker within five years, targeting Toyota's top spot.
- The company plans to spend nearly £1.8bn in Europe for five-minute 'flash charging' infrastructure.
- BYD overtook Tesla as the world's biggest EV maker by sales last year, with May 2024 overseas sales up 80% to over 160,000 vehicles.
- A new plant in Hungary will start assembling cars in Q4 2024, while work on a Turkey plant is paused to focus on EU production.
- BYD faces allegations in Hungary of breaching EU employment laws and environmental contamination from factory construction.
- The US added BYD to a list of 'Chinese military companies' deemed a national security risk, which China disputes.