In a meeting with automobile CEOs on Monday, French Finance Minister Bruno Le Maire signaled openness to BYD opening a facility in France.
Le Maire stressed France's openness to industrial initiatives and extended a cordial welcome for BYD and the larger Chinese car sector to make investments in the nation.
The official noted that the Chinese auto industry, including BYD, "are very welcome in France." Le Maire's statement coincided with Chinese President Xi Jinping's Paris state visit, per Reuters.
This development comes after the Chinese EV maker reported a drop in revenue due to declining EV demand and a pricing battle in China. The company reported $630m in first-quarter earnings, down 47% from the previous quarter.
Chinese EV Maker Earnings Drop
BYD and Tesla compete to sell the most EVs. The US giant recovered its crown last month after losing to a Chinese competitor late last year.
In the first quarter of this year, Shenzen-based BYD sold 300,000 battery-only cars, down from a record 526,000 in the fourth quarter of 2023, according to BBC.
As China's economy slows, BYD and its rivals have been fighting a pricing war for market dominance. The corporation, funded by Warren Buffett's Berkshire Hathaway, has lowered pricing on several of its latest models to entice hesitant automobile customers.
BYD has also been expanding into new markets to offset weaker Chinese demand.
Last year, the EV company exported 240,000 cars in 2023 and targets to double the figure in 2024. However, the Chinese carmaker's aggressive expansion into other markets has angered the US and European governments, which want to defend national automobile manufacturers.
BYD offers higher-end models to expand its product line and boost exports. The firm showcased its latest premium vehicles at the Beijing auto show this week.
To offset the effects of lower domestic demand, BYD has lowered the price of a few models to attract buyers-especially those who are cautious in light of the current economic climate.
Counteracting the weaker demand in China, BYD has also sought development into other markets; as a result, the business exported 240,000 vehicles in 2023 and is targeting a significant increase in exports this year.
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(Photo : JADE GAO/AFP via Getty Image) A BYD Seal DM-i electric car is displayed at the Beijing Auto Show in Beijing on April 25, 2024.
BYD Aggressively Expanding
BYD's aggressive international development has, however, run up opposition in places like the US and Europe, where policies aim to protect homegrown car sectors.
BYD has added upmarket cars to its inventory in parallel with its export ambitions, as seen at the Beijing auto show. The event showcased the company's latest luxury automobiles, underscoring its drive into higher-end markets.
In April, BYD debuted the Shark electric pickup truck, featuring a plug-in hybrid Dual Mode Off-Road (DMO) technology for off-roading. As repoted by TechTimes, the truck has four doors, muscular fenders, and a "BYD" grille like the Ford F-150 Lightning and Toyota Hilux, designed by Wolfgang Egger, a Lamborghini and Audi designer.
The DMO super hybrid architecture serves as the foundation for off-road PHEVs like the Fang Cheng Bao Bao 5.
A four-wheel electric drive system enhances off-road performance by dynamically distributing torque between the front and rear wheels. BYD's DM technology can provide 245 horsepower (180 kW) and 745 miles (1,200 km) on the CTLC cycle.
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