Did BYD take over EVDirect?
Australia’s fastest-growing electric vehicle brand, BYD, is changing the way it does business down under. In a move that ends the exclusive arrangement with Eagers Automotive and sidelines its original distributor EVDirect, the company will now take full control of importing and distributing its vehicles in Australia. BYD Automotive is taking control of its Australian operations from July 2025, dropping EVDirect as its local distributor. EVDirect will remain involved with the Chinese brand, however, through a minority stake in its retail joint venture with Eagers Automotive Limited, called EVDealer Group.Is BYD owned by China? Yes, BYD (Build Your Dreams) is a Chinese multinational company primarily operating in the automotive and renewable energy industries. It was founded in Shenzhen, China, in 1995 and has since become one of the world’s largest manufacturers of electric vehicles (EVs) and batteries.BYD has surpassed Tesla to become Europe’s top-selling electric vehicle brand, having run at similar numbers globally for the past year or so.
Does BYD own BYD Electronics?
It is a vertically integrated company with several major subsidiaries, including BYD Auto which produces automobiles, BYD Electronics which produces electronic parts and assembly, and FinDreams, a brand name of multiple companies that produce automotive components and electric vehicle batteries. In 2003, the company made the leap from the consumer electronics sector to the car industry. That year, BYD acquired Qinchuan Machinery Works, a small automotive manufacturer in financial difficulty, and founded the subsidiary BYD Auto.BERLIN, Aug 30 (Reuters) – China’s BYD (002594. SZ) , opens new tab will buy its German distributor Hedin Electric Mobility, BYD and Hedin said on Friday, as BYD moves to establish itself as a major electric vehicle maker in Europe.
Is BYD in trouble?
BYD Suffers First Quarterly Decline in Sales in 5 Years In August, BYD — an acronym for Build Your Dreams — reported its first quarterly decline in profit in more than three years with a 30% slump in net income. BYD Co. The company’s quarterly net income fell 33% from a year earlier to 7.