BYD secures new EV leasing partner to take on Europe

China’s BYD has found a new EV leasing partner in Europe as it expands overseas. BYD signed a deal with leading car leasing firm Ayvens to distribute its vehicles across Europe.

BYD finds new EV leasing partner for Europe

BYD’s executive vice president, Stella Li, signed the Memorandum of Understanding (MoU) Tuesday as the EV maker expands outside of China.

Wang Chuanfu, BYD’s president and chairman, said the deal with Ayvens “reflects our mutual vision to accelerate the development of NEV markets in Europe.” The partnership will help support the distribution of BYD’s electric cars to European commercial and retail buyers.

Through the agreement, Ayvens clients will have access to BYD’s full range of EVs. Customers also receive tailored fleet solutions, including EV leases and end-to-end charging services.

Operational leasing services will be first rolled out in France, the Netherlands, Belgium, and Luxembourg, with new markets planned.

BYD’s new EV leasing deal comes as Europe plans to introduce new tariffs on Chinese EV imports. Despite this, BYD expects to overcome it, with some models being more profitable in the EU than in China anyway.

BYD has launched seven new models across Europe: The Tang, Han, Atto 3, Dolphin, Seal, Seal U, and Seal U DM-i.

After selling 426,039 pure electric cars in the second quarter of 2024, BYD was slightly behind Tesla with 443,956 deliveries for the global EV leader title.

BYD is expanding in key overseas markets outside Europe, like South Korea, Central and South America, Thailand, and Australia.

Although BYD is best known for its low-cost EVs like the Dolphin, Atto 3, Seal, and Seagull, it’s quickly building its lineup with luxury vehicles, pickups, and electric supercars.

BYD’s +1,200 hp Yangwang U9 electric supercar was spotted racing around the Nurburgring last week. The new EV sports car is aimed at brands like Ferrari and Lamborghini (see the video here).