China's manufacturer BYD to speed up presence in overseas market in 2021

China's leading new-energy vehicle (NEV) manufacturer BYD Co., Ltd. (BYD, 01211.HK, 002594.SZ) plans to expand its presence in the overseas market in 2021, reported Shanghai Securities News Thursday quoting the company's executive.

BYD has finished the production of its millionth NEV on Wednesday, and has become the first Chinese automobile brand that has produced one million NEVs.

According to the company, by the end of 2021, it plans to deliver 1,500 NEVs to Norway.

BYD has conducted multiple deployments on NEVs in recent years. Since 2020, it has launched blade battery, DM-i super hybrid technology and other major products, attracting huge attention from the market. The supply of DM-i vehicles is now falling short of demand.

Wang Chuanfu, founder and chairman of BYD, said that BYD's new energy passenger car business has officially entered the European market, with Norway as the first station.

According to Wang, the company is also carefully preparing to enter the overseas private car market based on the solid foundation and its international image built through its bus electrification business in the overseas market over the past ten years.

It's learned that in March this year, BYD's subsidiary Fudi Battery Co., Ltd. (Fudi Battery) was building its first battery factory overseas.

The factory is to prepare for serving auto customers in the Europe and further expanding BYD's overseas business, according to a source.