Etiqueta: NIO

On Monday, BYD Company Limited (OTC: BYDDY) signed a deal to open a $1 billion electric-vehicle factory in Turkey, directly threatening the dominance of Tesla Inc (NASDAQ: TSLA) in several European markets. BYD Is Boosting Its Presence In Europe Although BYD has already been selling its EVs in Europe since 2021, most of its sales are still in China, but the Tesla killer is aggressively expanding its footrpint outside its home market. This will be its second facility in Europe, with the first cur

In the first half of 2024, BYD was No. 1 in China's NEV market with a 33.8 percent share, while Tesla was No. 3 with a 6.8 percent share.

BYD will set up $1bn EV plant in Turkey as per Turkish government officials. The official announcement will be made by the Turkish President.

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The new plant could give BYD easier access to the European Union, with which Turkey has a customs union agreement, said a Bloomberg report.

Hong Kong stocks retreated, underperforming regional markets, after the European Union announced provisional import tariffs on Chinese electric vehicles.

BYD's blended price rose 1 percent month-on-month in June, while those of Nio, Xpeng, and Li Auto remained stable.