BYD Bounces Back From 2023 Mistake In Europe

China’s No. 1 automaker BYD has experienced explosive growth over the past five years, expanding sevenfold to become the world’s seventh-largest automaker by sales. Its first-quarter profit jumped 100%.

BYD has poached rising stars from other automakers, expanded its dealership network, and launched PHEVs to broaden its appeal. I Photo: BYD Europe

With a strong grip on China’s auto market and a broad lineup of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), the company rarely makes a misstep, Nick Carey reported for Reuters.

However, a separate Reuters story by Giulio Piovaccari revealed that BYD misjudged its initial foray into Europe in 2023.

The company hired too few experienced managers, signed up too few dealers, and relied solely on EVs, which remain a hard sell in many European markets.

Since then, BYD has hit the reset button: poaching rising stars from other automakers, expanding its dealership network, and launching PHEVs to broaden its appeal.

The auto industry's history is full of companies that misjudged new markets — Stellantis and Renault, for example, failed in China, while others released flops like the Ford Pinto or the Tesla Cybertruck.

Unlike many, BYD quickly acknowledged its missteps and moved decisively to correct them, a strategy that appears to be boosting its sales in Europe.