Chinese EV-maker BYD has launched a new sub-brand called FinDreams, which will produce core components for clean energy vehicles. FinDreams has five subsidiaries, which will specialize in different fields of auto manufacturing, including batteries and powertrains.
Industry experts say BYD’s move is part of its global expansion strategy. “For the overseas market, the independent system has more autonomy, greatly increasing the cooperation possibility and the degree of freedom,” said the Shanghai-based auto industry media outlet MiVoGarage.
While industry experts expect EV sales to flatten in China and the US this year, some predict that a surge in Europe will drive growth in the global EV market. BYD is keeping a keen eye on opportunities in the European market. The company’s electric cars have reached consumers in over 100 cities across 20 European countries, including Amsterdam, London, Brussels and Oslo. (The company also manufactures electric buses in California.)
“The establishment of the independent brand benefits the company as the move makes it easier to reach more clients from both the domestic and overseas sectors,” said Shi Jinman, an auto analyst at Guotai Jun’an Securities. “The overseas subsidiaries can work more efficiently on making decisions such as building local plants, and take advantage of BYD’s digital channels to boost global expansion.”
BYD says it is recovering from the disruptions caused by the coronavirus outbreak—production has resumed at a rate of over 80 percent, and bottlenecks in upstream and downstream supply chains have eased.
Source: China Daily