A mere two years removed from its initial entry into new markets of Europe, Build Your Dreams (BYD) is looking to expedite its expansion with the help of Arval – a major vehicle leasing company overseas. The two companies signed a Memorandum of Understanding to become leasing partners and ensure more BYD passenger and light commercial EVs are available to drivers.
Here we are, talking about BYD yet again. The Chinese EV automaker is quickly becoming a globally recognized name, recently garnering some serious clout after usurping long-time leader Tesla as the global EV leader by volume.
That news came five weeks ago, but it feels like five months due to the number of moves BYD has been putting out since then. We saw the automaker break ground on its first sodium-ion battery plant, unveil the first sedan under its new luxury brand Yangwang, and tease its Sea Lion 07 SUV, designed to compete against the Model Y.
In Europe, BYD has commissioned its own cargo ships to transport its EVs over from China until its incoming production facility in Turkey is erected. That preliminary land purchase is already in place, and the new facility is expected to be up and running within three years and reach an annual capacity of 200,000 EVs.
Europe is a crucial market for BYD’s success this year, which it anticipates will equate to $4 billion in net income. To further sales and expedite its expansion, BYD and lease specialist Arval have partnered up to offer additional financing options to get EU drivers in Chinese EVs.
BYD and Arval expand partnership to offer EV leases in EU
Earlier this week, executives from BYD and Arval signed a Memorandum of Understanding (MoU) based on lease programs to get European drivers and local corporate customers to go all-electric in BYD’s passenger and light commercial vehicles.
The MoU follows a partnership already signed between both parties to bring BYD lease options to Brazil. Arval will operate as the Chinese automaker’s white-label leasing partner in Italy, Spain, and Germany. BYD Europe’s Managing Director Michael Shu spoke:
BYD takes cooperation and partnerships very seriously. Our memorandum of understanding with Arval is an opportunity that affirms our commitment to working together to achieve our joint goal of making electric mobility accessible to all by giving customers choice and flexibility while ensuring premium service.
BYD’s advanced innovations in electric technology for vehicles and Arval’s expertise in long-term corporate car leasing are mutually beneficial. This partnership enables us to provide competitive solutions to both businesses and private individuals.
Through the agreement, Arval will assist potential customers in finding and leasing the best BYD EV(s) to suit their needs, providing a charging service package that includes a home station with each vehicle leased as well as a card to use at public stations as part of a reimbursement program for electricity used.
In its first year overseas, BYD launched 5 EV models in 19 countries throughout Europe. With Arval’s help, BYD’s lease program could further expedite the automaker’s saturation in one of the world’s largest vehicle markets.
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