BYD to buy German car distributor Hedin Electric

Chinese EV maker moves to take greater control of its strategy in the country

Taillights hover over the lettering "BUILD YOUR DREAMS" on a BYD Tang at the opening of a car dealership in Berlin on Jan. 31. BYD is slumping in Germany after selling over 4,000 EVs there last year. © Reuters

August 31, 2024 20:21 JST

BERLIN (Reuters) -- China's BYD will buy its German distributor Hedin Electric Mobility, BYD and Hedin said on Friday, as BYD moves to establish itself as a major electric vehicle maker in Europe.

BYD Automotive will take charge of the sales activities of BYD vehicles and parts in the German market, as well as management of its stores in Stuttgart and Frankfurt, BYD said, adding that the deal was subject to approval and expected to close in the fourth quarter.