BYD Balances Washington Diplomacy, European Factory Ambitions, and a 183,000-Vehicle Recall - ad-hoc-news.de
Article excerpt
BYD is simultaneously courting political attention in Washington, scouting factory sites across Europe, and managing a sizable quality defect at home - a three-front autumn that leaves its stock nursing a 17% year-to-date decline. The Chinese electric-vehicle maker could join a business delegation accompanying President Xi Jinping on an upcoming trip to Washington, according to a Reuters report dated September 18. The final lineup had not been settled at that point, and BYD declined to comment. The political optics are delicate: Reuters noted that the U.S. Department of Defense added BYD to an official list in June over suspected ties to China's military. Any presence in Washington would therefore carry outsized symbolic weight for the future of bilateral commercial relations. On the industrial side, BYD is pressing ahead with a build-out that its own advisers describe as unavoidable. Alfredo Altavilla, the company's special adviser for Europe, said on September 16 that the manufacturer will ultimately need three vehicle assembly plants plus a battery factory on the continent to underwrite its growth targets and satisfy European Union regulations. The first of those plants, in Hungary, has already begun production. For the second European passenger-car site, Reuters reported on September 17 that BYD intends to buy and modernize an existing facility rather than share one...
Keep reading with a free account
The rest of this article, and every signal for BYD, is in your free account.
Extracted from this sentence
At its production base in Xi'an, BYD is recruiting more than 8,000 new workers.
