BYD will introduce to Europe a low-cost electric vehicle, which will be priced at no more than €20,000 ($21,550), based on its Chinese Seagull model, the company’s regional managing director Michael Shu said on Thursday. The Seagull, which currently costs between RMB 69,800 and RMB 85,800 ($9,661-$11,875) and can travel between 305 and 405 kilometers (190-252 miles) on a single charge, was the top-selling small car in China, recording sales of nearly 240,000 units last year. Shu also mentioned the company’s plan to establish a second car factory in Europe in 2025, aside from the first one for passenger EVs currently under construction in Hungary, as BYD aims to “be in a leading position” in the regional market by 2030. The comments come as Chinese President Xi Jinping made his first trip to Europe in five years during May 5-10 and as French finance minister Bruno Le Maire on Monday publicly wooed BYD to invest in car manufacturing in the country. [Reuters]
