Chinese electric vehicle (EV) manufacturer, BYD, is reportedly considering building its own factory in Europe, rather than taking over Ford's assembly plant in Cologne, Germany. According to sources, BYD is said to be exploring other options as it aims to establish a foothold in the European EV market.
BYD had previously expressed interest in taking over Ford's plant in Cologne, which is due to stop producing combustion engines in 2023. However, recent reports suggest that BYD may be reconsidering this option and instead exploring the possibility of building its own factory in the region.
The move would allow BYD to have greater control over its manufacturing processes and supply chain, and could potentially result in cost savings and greater efficiency. However, building a new factory would also be a significant investment for BYD, and would take time to set up and become operational.
BYD has been rapidly expanding its presence in the global EV market and has ambitious plans for growth in Europe. The company is targeting sales of 50,000 EVs in Europe by 2022, and recently launched its new Tang EV600 model in the region.
If BYD does decide to build its own factory in Europe, it would join a growing number of foreign automakers that are investing in the region. Tesla is currently building a new factory in Germany, while Chinese automakers such as Nio and Xpeng are also expanding their operations in the region.
Overall, BYD's potential decision to build its own factory in Europe rather than taking over Ford's plant in Cologne underscores the company's commitment to establishing a strong presence in the region's rapidly growing EV market. It remains to be seen what steps BYD will ultimately take, but the company's continued investment in the European market highlights the growing importance of this region in the global EV landscape.