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according to a report from bianniu.com on august 31, hedin electric mobility announced on august 30 that byd and hedin mobility group have reached an agreement to transfer the distribution rights of byd vehicles and spare parts in the german market to byd. however, byd did not provide financial details, and the transaction is still subject to regulatory approval. currently, chinese electric vehicle manufacturers are stepping up their efforts to gain a foothold in the european automobile market.

byd, as the buyer, and hedin mobility group, as the seller, have reached an agreement that hedin mobility will sell its subsidiary hedin electric mobility, the designated distributor of byd vehicles and spare parts in the german market.

following the transaction, hedin automotive emobility will remain byd's authorized retailer in germany. the transaction is subject to regulatory approval and is expected to close in the fourth quarter of 2024.

hedin electric mobility has been byd's general importer in germany since 2022 and supplies vehicles and parts to around 30 byd dealers in the country. by acquiring the business, byd will be able to sell vehicles directly to dealers, giving it greater wiggle room on pricing and vehicle supply.

chinese electric car makers such as byd and saic motor's mg brand are struggling to expand in europe due to weak demand and new tariffs on chinese-made electric cars. in july, chinese electric car registrations in europe fell sharply, and chinese companies accounted for only 9.9% of the total electric car market.