Mike Belinfante, the senior manager of public relations for BYD in Europe, shares insights into the company's showcase at the Geneva Motor Show #GIMS2024 BYD, a relatively recent entrant into the European automotive market, debuted its cars in Europe just 18 months ago at the Paris Motor Show and has since been working towards unveiling new products and cutting-edge technologies at the Geneva Motor Show. Belinfante highlights the company's commitment to meeting customer demands for long-range electric vehicles (EVs).
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A prominent exhibit is the BYD Seal U, an electric utility car boasting an impressive range of up to 570 km. Another highlighted model is a family SUV designed for practicality, functionality, and generous storage space. Notably, the company introduces both a pure electric version and a plug-in hybrid DMI version of the Car, showcasing BYD's dedication to diversifying its technology offerings.
Belinfante emphasizes BYD's standing as a global leader in new energy vehicles, noting the significant milestone of surpassing Tesla as the largest EV maker worldwide in overall production during the last quarter of 2023. Despite being a relatively new player in the market, BYD focuses not only on being the largest but also on producing the highest-quality EVs.
BYD's commitment to tailoring its offerings to different markets becomes evident as Belinfante mentions the company's substantial 38% market share in China for EVs. The interview touches on the competitive nature of the European market, leading to the announcement of BYD's plans to establish a manufacturing facility in Hungary, aiming to produce cars specifically for the European market.
The conversation delves into pricing dynamics, comparing costs in China and Europe. While Belinfante explains the various factors contributing to higher prices in Europe, he brings up the company's strategic move to build a factory in Europe, hinting at potential cost reductions. When asked about potential political influences on tariffs for Chinese cars in Europe, Belinfante refrains from commenting on political matters, emphasizing BYD's focus on the automotive industry.
BYD's strategy becomes more apparent as Belinfante highlights the company's aim to position itself not as the cheapest option in the market but among the best in each segment. The conversation introduces the Yang Wang U8, a luxury car under BYD's sub-brand, featuring a unique platform with individual electric drive trains for each wheel. Launched in China, this vehicle showcases advanced technology, including the ability to execute a tank turn due to its distinctive drivetrain.
The interview wraps up with a discussion on BYD's Seal, a D-segment sporty sedan that has been nominated for the Car of the Year award. Belinfante expresses confidence in BYD's strategy and efforts, underscoring the company's commitment to delivering the best EVs while adapting to the evolving demands of the market.
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