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Investing.com -- China’s top electric vehicle (EV) manufacturer, BYD (SZ:002594), is revamping its European operations after encountering strategic challenges, such as insufficient dealer sign-ups and a lack of executives with local-market knowledge.
The company also faced resistance in markets that were not ready for fully electric vehicles, according to six current and former BYD executives speaking to Reuters.
To tackle these initial setbacks in this crucial export market, BYD has rapidly expanded its dealer network and started offering substantial salary packages to attract executives from European automakers. The company has shown particular interest in Stellantis (NYSE:STLA), a multinational automotive manufacturing corporation.
In December, BYD announced that plug-in hybrids would play a significant role in its European strategy. This decision was made after Alfredo Altavilla, BYD’s European special adviser, advised BYD Founder and Chairman Wang Chuanfu that a pure EV strategy was still a challenging proposition in many European countries.
Altavilla stated that every new model would need to be available in both EV and hybrid versions for the European market. He emphasized the need to educate customers about the green transition.
While the hiring of certain European executives has been reported, and BYD has publicly acknowledged issues in the German market, this is the first comprehensive account of the problems identified by executives within BYD and the systematic efforts being made to address them.
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