On March 10, BYD reached a cooperation agreement with UK electric vehicle company Octopus Electric Vehicles (Octopus EV). Under the deal, Octopus EV will purchase 5,000 electric vehicles from BYD over the next three years for the UK market.
Recently, Tesla kicked off a price war in the auto industry, followed by BYD, AITO, and many other new EV makers, sparking widespread discussion. Against this backdrop, BYD’s major overseas order has attracted increased attention.
5,000 EVs for Export
The first model to be delivered under the deal is the BYD ATTO 3, a sporty all-electric SUV that made its UK debut and went on sale in March 2023 with a starting price of £36,490 (approximately RMB 303,000).
On March 8, BYD announced that its first passenger car in the UK, the BYD ATTO 3, officially went on sale. The first four pioneer stores in Birmingham, Manchester, Glasgow, and Milton Keynes are set to open in mid-March.
“The 5,000 new energy vehicles purchased by Octopus EV will be used for the UK employee car purchase scheme, opening a new chapter for BYD to accelerate its expansion in the UK market,” said a BYD representative. The company added that it will continue to deepen its presence in the new energy transportation sector and speed up the global electric mobility transition.
“BYD will bring the latest products and leading technology to British consumers and continue to deepen cooperation with local partners to promote green electric mobility,” said Shu Youxing, General Manager of BYD’s International Cooperation Division and European Automotive Sales Division.
Octopus Energy Group, the parent company of Octopus EV, is one of Europe’s largest renewable energy investors, focused on developing green energy and reducing reliance on fossil fuels. Octopus EV was established in 2018 to offer one-stop services including EV leasing, charging station installation, and special discounted electricity rates from its parent company, aiming to provide a comprehensive EV experience.
The UK holds an important position in BYD’s overseas expansion. BYD entered the UK market in 2013, initially focusing on pure electric buses, and has built a solid foundation.
As of now, BYD has sold over 3.5 million new energy vehicles globally.
BYD ATTO 3: A Rising Star in Overseas Markets
In 2021, BYD officially announced its “passenger car going global” plan, accelerating the expansion of new energy passenger cars worldwide. In 2022, BYD’s new energy vehicles entered countries including Japan, Germany, Australia, Brazil, Singapore, and Thailand, with cumulative exports of 55,900 units, further speeding up its global push.
The BYD ATTO 3 has become the flagship model for BYD’s overseas expansion. As BYD’s first global passenger car, it exported 40,014 units in 2022.
In 2023, overseas sales of the BYD ATTO 3 accelerated. In mid-January, BYD announced that 500 BYD ATTO 3 units were loaded at Shanghai Port and shipped to Malaysia. BYD stated that Southeast Asia is one of the world’s most promising new energy vehicle markets, and Malaysia, as a key economy in the region, is seeing rapid growth in EV sales with promising prospects.
On January 15, BYD announced that 800 BYD ATTO 3 units were shipped to Thailand. On August 8, 2022, BYD officially entered the Thai passenger car market. On September 8 that year, BYD signed an agreement with Thailand’s WHA Industrial Park to invest in its first overseas passenger car factory. BYD revealed that from November 1 to December 12, just 42 days, the BYD ATTO 3 received 10,305 orders in Thailand.
On February 2 this year, BYD announced that its first passenger car launched in Japan, the BYD ATTO 3, started sales at a price of 4.4 million yen (approx. RMB 228,000). The company plans to open 100 stores across Japan by the end of 2025.
A BYD insider said the company has achieved strategic coverage across six continents, with overseas market orders steadily increasing, and BYD is actively accelerating production line supply. With the expansion of its overseas footprint, BYD’s overseas production bases are on the agenda. In September last year, BYD’s first overseas factory officially landed in Thailand, expected to start operations in 2024 with an annual capacity of 150,000 vehicles. The electric passenger cars produced there will be exported to ASEAN countries and Europe.
In January this year, sources revealed that BYD plans to build a factory in Vietnam to produce auto parts, with an investment of over $250 million. Site selection is under discussion, and construction is expected to begin before mid-2023. Additionally, BYD Chairman Wang Chuanfu has stated that the company will “start localized production in Brazil and continue to expand its strategic layout in the Americas.”
Combined with recent news that BYD executives have signaled plans to build its own factory in Europe, it is clear that BYD’s capacity expansion has extended from China to overseas markets. Industry observers believe that BYD’s continued progress in overseas markets may unlock long-term growth, which could benefit the auto shipping market.