Warren Buffett-backed Chinese EV giant BYD Co Ltd (OTC:BYDDY) (OTC:BYDDF) officially entered the Greek market on Thursday, marking a significant milestone in its European expansion. The company held a launch ceremony in Athens on Wednesday, showcasing its electric vehicles.
What Happened: Sfakianakis Group will initially distribute the BYD Atto 3 SUV and the BYD Seal sedan, followed by the Dolphin hatchback and Seal U SUV. While the Atto 3 starts at €37,990 (approximately $41,000), the Seal begins at €45,990 (approximately $49,830).
The first two BYD stores will open in Athens, allowing customers to interact with the vehicles and place orders.
Why It Matters: Since entering Europe in late 2021 with a single model in Norway, BYD has collaborated with local partners and opened over 250 stores across 20 countries.
Despite entering eight markets, including France, Germany, Italy and the U.K., BYD's European share remains minimal, selling only 13,250 cars (0.1%) through November 2023, as per Automotive News Europe.
BYD reportedly aims to be a top-five player in European registrations in the medium term and also potentially challenge Tesla with its lower-priced electric vehicles. Tesla's Model 3 starts at €41,990 (approximately $45,477), while the Model Y SUV starts at €44,990 (approximately $48,727).
Interestingly, BYD outsold Tesla in global BEV sales in the last quarter of 2023, selling 526,000 BEVs compared to Tesla's 485,000.
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