BYD "Will Become Europe's No.1 by 2030"... Chinese Electric Vehicle Global Strategy
Zicker Raises 600 Billion KRW Through US Stock Market IPO
"Overseas Expansion to Secure Profits Amid Chinese Price Competition"
Chinese electric vehicle manufacturers are intensifying their global market offensive. China's leading electric vehicle manufacturer BYD announced its goal to become the top electric vehicle manufacturer in Europe by 2030. Chinese premium electric vehicle brand Zeekr raised $441 million (approximately 603.2 billion KRW) through an initial public offering (IPO) in the United States.
On the 9th (local time), BYD announced that it will launch a low-cost electric vehicle based on the compact electric car model 'Seagull' in Europe.
The Seagull is sold in China starting at 69,800 yuan (approximately 13.22 million KRW). Michael Shu, head of BYD's European division, said they plan to introduce the European version of the Seagull at under 20,000 euros (approximately 29.49 million KRW) in Europe.
Shu also mentioned that they are considering building a second assembly plant in Europe by 2025 and aim to become the top electric vehicle manufacturer in Europe by 2030.
Electric vehicles are on average about 30% more expensive than comparable internal combustion engine vehicles. As demand for electric vehicles decreases due to price barriers, European manufacturers are striving to develop affordable models. BYD is intensifying its European market strategy by emphasizing low prices.
Previously, BYD announced in December last year that it would build an electric vehicle factory in Hungary. Among major Chinese automobile companies, BYD is the first to establish a production base in Europe.
On the same day, Bloomberg and CNBC reported that Zeekr, a premium electric vehicle brand under China's Geely Automobile, sold 21 million American Depositary Shares (ADS) at $21 per share the day before. The price was set at the top end of the initial expected offering range ($18?21). Due to strong investor demand, the subscription was closed a day earlier than planned.
Zeekr will raise approximately $441 million through the IPO, marking the largest IPO by a Chinese company in the past three years. The company's valuation reaches $5.1 billion (approximately 6.9737 trillion KRW). It is scheduled to be listed on the New York Stock Exchange on the 10th.
The funds secured through the IPO will be used to develop more advanced electric vehicle battery technology.
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Foreign media stated, "As the price war for electric vehicles intensifies in China and profits deteriorate, some manufacturers are raising prices while accelerating their efforts to enter overseas markets."
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