A model stands next to China's BYD QIN at Auto China 2012 in Beijing. (Photo : Reuters)
All-electric and plug-in hybrid car manufacturer BYD sells its cars mainly in the Chinese market. However, the company's biggest target is to expand worldwide and now targets the United States market as well as Europe.
In the past, BYD made some announcements that it plans to launch the E6 and F3DM PHEV in the US but it did not happen. Apart from minor regional fleets sold in different parts of Europe, BYD has yet to make its presence felt in the western market.
According to Inside EVs, BYD is planning to expand into two European countries with its flagship and most popular car, the Qin. On the other hand, market analysts are positive that the Qin will make a positive impact in the region as long as the company redesign it into a hatchback.
The United Kingdom is currently the biggest market when it comes to electric cars and plug-in hybrids that is why BYD is gearing up to enter the region. Reports claim that the Chinese company is schedule to unveil the European version of its cars at the 2017 Geneva Motor Show.
BYD recently reported that it has more than doubled its quarterly net profit despite China's economic slowdown, according to Reuters. On a similar note, the BYD Qin has outsold the Tesla E6 full electric vehicle. Statistics shows that in July, sales of the BYD Qin reached 4,000 units while Tesla only managed to sell more than 500 units of the E6.
The growing popularity of BYD is starting to pose a serious threat to some major players in the electric car market. This will prompt companies to introduce new business strategy now that BYD has stated its intention to expand to the western market.
