On August 31, European dealer group Hedin Mobility Group announced that the company had signed an agreement with BYD to sell its subsidiary Hedin Electric Mobility, the designated dealer of BYD cars and spare parts in the German market, to BYD.
The acquisition also includes two stores in Stuttgart and Frankfurt currently operated by the Hedin Mobility Group. Therefore, BYD will no longer rely on German importers, but will directly contact local dealers to take more initiative in sales in Germany.
The transaction is subject to regulatory approval and is expected to be completed in the fourth quarter of this year.
After the transaction is completed, the Hedin Mobility Group's branch will remain BYD's authorized retailer in Germany, and its sales points in Mannheim, Kaiserslautern and Saarbrücken will continue to be retained. In addition, in the Swedish market, Hedin Mobility Group will continue to operate as an importer and distributor of BYD.
Hedin Mobility Group is a family-owned company headquartered in Sweden. It is mainly involved in automobile distribution, construction and real estate, and investment sectors. The automobile business can be traced back to 1985, and has now developed into one of the largest automobile dealers in Europe, with more than 330 self-operated stores in 12 countries and regions and agency distribution of more than 40 brands.
The cooperation between BYD and Hedin Mobility Group began in 2022. Hedin Electric Mobility, a subsidiary, was established to be responsible for the distribution of BYD cars and spare parts in the German market, which is also the target of this sale.
The main reason why BYD chose to acquire this time may be related to its weak sales in the German market. BYD registered 4,139 cars in Germany last year, accounting for only 0.1% of the market share. In the first half of this year, BYD sold 1,202 vehicles in Germany, which is far from the original goal of selling 120,000 vehicles by 2026.
However, according to the latest sales volume just announced by BYDAccording to data, BYD’s vehicle sales from January to August totaled 2.3284 million units, a year-on-year increase of 29.92%. In terms of overseas markets, BYD sold a total of 31,451 new energy passenger vehicles overseas in August this year, of which 30,451 were exported.
Since this year, BYD has been making continuous strategic moves to go overseas and accelerating its global layout. In July this year, BYD spent money to acquire part of the shares of Thai car dealers. Its factory in Thailand was also completed and put into production, with an annual production capacity of approximately 150,000 vehicles.
In addition, the day before yesterday, the 700th pure electric bus of BYD's electric bus factory in Hungary was officially rolled off the production line and delivered; in addition to Thailand and Hungary, BYD also has passenger car production bases in Brazil, Uzbekistan and other countries.
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Editor in charge: Gao Xu