BYD steps up Europe expansion with new compact SUV

(Reuters) - BYD (SZ:002594 ) will launch its new Atto 2 compact SUV in Europe in February, the Chinese EV giant said on Friday, adding to competition in Europe's electric car market.

The Atto 2, which complements the larger Atto 3 released in 2022, is the group's most accessible SUV yet and will compete in the B-SUV segment, a company spokesperson told Reuters.

WHY IT'S IMPORTANT

The launch comes two months after the European Union approved increased tariffs on Chinese-built electric vehicles (EVs), including BYD ones, of up to 45.3%.

The Atto 2 will compete in Europe's so called B-SUV segment of compact EV SUVs with rival models including Stellantis (NYSE:STLA )' Peugeot (OTC:PUGOY ) e-2008, Citroën e-C3, Opel Mokka-e and Fiat (BIT:STLAM ) 600e, the Kia Niro, and later this year Renault (EPA:RENA )'s new R4.

BY THE NUMBERS

While the Atto 2 price will only be confirmed "in many countries in a few weeks' time", it should logically be between the Dolphin and Atto 3, the spokesperson told Reuters.

In Britain, the Dolphin starts at 26,140 pounds ($32,157) and the Atto 3 starts at 37,140 pounds ($45,689).

The all-electric Atto 2 will be 4.31 metres (14.14 feet) long, 1.83 metres wide and 1.68 metres tall, with a wheelbase of 2.62 metres, BYD said. It features a blade battery and uses cell-to-body (CTB) construction.

QUOTES

"We're excited to start 2025 with another important model for our plans in Europe", BYD Executive Vice President Stella Li said in a statement.

CONTEXT

BYD is on course to top its annual sales target of 4 million vehicles globally, which would put it ahead of Japan's Honda (NYSE:HMC ) and Detroit-based Ford (NYSE:F ) for 2024.



Europe's car safety agency issued a "not recommended" rating to the driver assistance system used in BYD's Atto 3 EV in October, dealing a blow to the automaker as it strives to expand on the continent.

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Source: Investing.com