According to a report by Reuters, on August 30, Chinese automaker BYD and its German dealer Hedin Electric Mobility announced that BYD will acquire Hedin Electric Mobility to strengthen its brand presence in the European electric vehicle market. At the same time, BYD stated that Hedin's Automotive eMobility division will continue selling BYD vehicles in three cities in Germany.
BYD mentioned that its German subsidiary will be responsible for the sales activities of BYD vehicles and parts in the German market, as well as managing stores in Stuttgart and Frankfurt. BYD also added that the transaction is still pending approval and is expected to be completed in the fourth quarter of this year.
This move will allow BYD to better control its strategy in Germany. Last year, BYD's sales in Germany were slightly above 4,000 units, but this year, due to a slowdown in global demand for electric vehicles, its sales in Germany have significantly declined.
Hedin Electric Mobility, a Swedish mobility group, previously managed the relationship between BYD and six German dealers to help BYD enter the European market. Additionally, Hedin was responsible for the distribution activities of other Chinese automotive brands, such as Xpeng and Hongqi.
Besides Hedin, BYD has also partnered with other German dealers like Sternauto. Earlier this year, Sternauto established a dedicated BYD store in Berlin.
BYD, a producer of batteries and electric vehicles, is a leader in the Chinese electric vehicle market. In recent months, BYD has been expanding globally, increasing its influence worldwide, and laying the groundwork for manufacturing bases in Europe and Mexico.
This year, BYD's sales target is to grow by 20% year-over-year. To ensure its leading position, the company is offering significant discounts on its best-selling electric vehicles. In the first seven months of this year, BYD's overseas sales accounted for 11.9% of its total vehicle sales, with the UK becoming BYD's largest market in Europe.
