BYD has signed a memorandum of understanding with Ayvens to distribute electric passenger cars and light commercial vehicles for European customers.

BYD (HKG: 1211, OTCMKTS: BYDDY) has signed a new overseas agreement to expand its presence in the European market.

French car leasing company Ayvens announced today that it has signed a memorandum of understanding with BYD in Shenzhen, where the Chinse new energy vehicle (NEV) maker's global headquarters are located, to support the distribution of electric passenger cars and light commercial vehicles to corporate and retail customers in Europe.

Ayvens' international and local corporate customers in Europe will benefit from electric vehicle fleet solutions, from advisory services and operational leases to end-to-end charging services, for BYD's full range of EVs, the company said in a statement.

Ayvens will also offer leasing services to small and medium-sized enterprises and individuals through BYD's dealer network.

The operational leasing services are initially available in France, the Netherlands, Belgium and Luxembourg and is expected to be further expanded to other European markets.

Ayvens and BYD will explore additional opportunities in the retail space and further develop the white-label operational leasing partnership to facilitate Europe's transition to electric mobility, the French company said.

"Innovation and collaboration are key drivers in progressing the global transition to new energy vehicles. Our cooperation with Ayvens reflects our mutual vision to accelerate the development of NEV markets in Europe," said BYD chairman and president Wang Chuanfu.

This is the latest move by BYD to expand its presence abroad, despite the threat of additional tariffs in Europe.

In France, BYD had participated in a local auto show about 2 years ago, but has made no further moves since then.

On October 17, 2022, BYD exhibited at the Paris auto show with three all-electric passenger cars -- the Atto 3, Tang, and Han.

BYD's strategy was to partner with established local dealerships that share the company's vision for customer service, the company said at the time.

In the first half of 2024, BYD sold 1,612,983 NEVs, up 28.46 percent year-on-year, according to data compiled by CnEVPost.

It sold 203,404 units overseas in the first half of the year, up 173.80 percent.

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