The Chinese giant BYD has officially shifted into high gear in its ambitions for the Old Continent. Instead of wasting valuable time building new production halls “from scratch”, the technology leader has set its sights on the idle capacities of European automakers. The company is currently in intensive negotiations with Stellantis NV and other major players to buy out their unused factories in Italy and France, Bloomberg reports.
“We are not only focused on Stellantis - we are looking at every available door in Europe,” BYD's executive vice president, Stella Li, said during a key conference in London. The strategy is crystal clear: go directly into the heart of the European industry to bypass logistical headaches and cement the brand's presence on local soil. Wow, this is definitely going to shake things up in the sector!
Italy is currently under the “spotlight“ as a priority destination for future deals. A BYD delegation has already inspected several sites, with the Stellantis plant in Cassino attracting particular interest. France is also on the wish list, attracting the Chinese with its mouth-wateringly low electricity prices. Unlike many of its compatriots, BYD maintains full control and categorically refuses to enter into complex joint ventures - they want to be masters in their own home.
Paradoxically, while Stellantis is trying to save the day by partnering with Leapmotor (planning production at Fiat and Peugeot's Spanish plants), BYD is acting far more aggressively. Huge operating costs and cutthroat competition are pushing European concerns to the wall, forcing them to sell off their assets to their biggest rivals from East.
But BYD's appetite doesn't stop at bricks and mortar. Stella Li hinted that the company is exploring the possibility of acquiring legendary brands like Maserati, although for now this is more of a test drive. Meanwhile, to launch its premium brand Denza into the “big leagues”, the Chinese are sparing no expense and actively attracting the best brains from Porsche. “We need local specialists in every region – from the UK to France,” emphasizes Li, making it clear that BYD is not just here to sell cars, but to create its own European engineering empire.