BYD (HKG:1211, SHE:002594) plans to open a factory in Germany, its third in Europe, as the electric vehicles maker looks to offer lower-priced cars amid slowing demand in Europe, Reuters reported Monday, citing a source familiar with the matter.
Stella Li, BYD's executive vice president, discussed in a recent interview with Automobilwoche that BYD was considering another factory for Europe within two years without specifying a location.
The move comes as Chinese carmakers seeks to avoid import tariffs that the EU imposed on China-made electric vehicles last year, according to the report.
BYD did not immediately respond to a request for a comment, the publication said.
BYD's plant in Hungary will begin production in October, while the Turkey plant will start in March next year, the report said. The plants will have a joint capacity to produce half a million cars annually, Reuters said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
