Chinese electric car manufacturer BYD Company (OTCPK:BYDDY, OTCPK:BYDDF) is extending its reach into Europe through a partnership with French leasing firm Ayvens, majority owned by Société Générale.
Through Ayvens, BYD (OTCPK:BYDDY, OTCPK:BYDDF) will be able to offer commercial and retail leasing options at more than 30 European companies within a year, beginning in France, the Netherlands, Belgium, and Luxembourg, according to Bloomberg.
Last year, BYD (OTCPK:BYDDY, OTCPK:BYDDF) captured just 1.1% of the EU market for EV and PHEV vehicles but has ambitious plans to expand that to 5% despite increased resistance from EU governments.
To help dodge EU tariffs on future models, the company is building a factory in Hungary that has the initial capacity to produce 150K EVs per year, eventually ramping up to 300K.
Despite tariffs, BYD (OTCPK:BYDDY, OTCPK:BYDDF) plans to launch its next generation of EVs and PHEVs in Europe starting with the Seal U SUV, a competitor to Volkswagen’s ID.4. The Seal U has a range of up to 310 miles, and quick charge capable of achieving 80% charge in less than 30 mins.
Related: Will BYD beat Tesla again in the EV sales race?