July 19, 2024

Tesla Killer Lands In Europe: BYD’s Seagull Poised To Disrupt EV Market

Tesla Killer Lands In Europe: BYD’s Seagull Poised To Disrupt EV Market

Tesla Killer Lands In Europe: BYD’s Seagull EV Poised To Disrupt With Sub-$21K Price Tag Even After Tough Tariffs

22 May 2024
by Benzinga Neuro

BYD Co. (OTC:BYDDF), a leading Chinese electric vehicle manufacturer, is set to launch its budget-friendly electric vehicle in Europe, posing a significant challenge to local automakers.

What Happened: BYD, which overtook Elon Musk‘s Tesla, Inc. (NASDAQ:TSLA) in the last quarter of 2023 to become the largest global EV manufacturer, is planning to introduce its Seagull hatchback in Europe next year. The vehicle, priced under $10,000, is expected to be sold for less than €20,000 ($21,500), even after tariffs and modifications to meet European standards, reported Bloomberg.

The Seagull’s arrival is expected to intensify the competition among European automakers as they transition to the post-combustion-engine era. The vehicle, which has received acclaim for its build quality, design, and technology, is already performing well outside of China, particularly in Mexico.

“We are looking very closely at this model and others coming from Chinese EV makers,” said Martin Sander, head of Ford Motor Co.’s European EV business. “Of course, we are nervous when new competition is coming to the market.”

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