BYD Company (OTC:BYDDF) has entered into a strategic partnership with French car-leasing firm Ayvens SA to support the distribution of BYD's electric passenger cars and light commercial vehicles for corporate and retail customers in Europe.
The partnership will initially target France, the Netherlands, Belgium, and Luxembourg with plans for further expansion into additional European markets.
Through this agreement, Ayvens will provide tailored electric vehicle fleet solutions, including advisory services and operational leases, to corporate clients in Europe. These services will encompass BYD's full range of electric vehicles.
Additionally, Ayvens will offer white-labelled full-service leasing services to SMEs and private individuals through BYD's dealer network.
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The MoU will also enhance collaboration between Ayvens and BYD through training programs and knowledge-sharing initiatives, promoting continuous improvement and innovation in new energy vehicles and battery technology.
BYD has launched seven new models in Europe, catering to various customer needs. To date, BYD has cumulatively sold over 7.6 million new energy vehicles.
BYD is increasing its efforts in the region, sponsoring the Euro 2024 championships in Germany and constructing a factory in Hungary to boost production capacity, reported Bloomberg.
Corporate fleets represent a significant portion of vehicle sales in major European markets, highlighting the importance of the memorandum of understanding with Ayvens, majority owned by French bank Societe Generale SA (OTC:SCGLY).
BYD, like other Chinese carmakers, is facing increased regulatory challenges. The European Union will begin imposing tariffs on Chinese-made electric vehicles.
Price Action: BYDDY shares are trading higher by 1.12% at $59.74 at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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