Shanghai (ZXZC)- BYD and ARVAL, a wholly-owned subsidiary of BNP Paribas, recently signed a Memorandum of Understanding (MoU), officially establishing a strategic partnership. This move marks a significant stride for BYD in advancing its localization efforts in the European market.

ARVAL, founded in 1986, boasts a robust presence in vehicle leasing, fleet management, and mobility services across 29 countries and regions globally, managing over 1.7 million leased vehicles. ARVAL brings extensive expertise and a widespread network to the collaboration.

Photo credit: BYD

As outlined in the memorandum, ARVAL will introduce BYD's electric vehicle brand to enrich its global automotive product line, encompassing both passenger cars and light-duty commercial vehicles. Emphasizing their shared commitment to providing electric mobility solutions aligned with emission reduction goals, both parties aim to cater to diverse European clientele. BYD, leveraging its rich and high-quality electric vehicle lineup, intends to meet the preferences and budgets of businesses and individuals, thereby expanding its green vehicle portfolio.

The collaboration extends beyond transportation to include a comprehensive suite of green solutions, covering electric vehicles, energy storage systems, and solar power systems. A pivotal aspect of this partnership involves utilizing BYD's extensive European dealer network to deliver localized services and an exceptional electric driving experience.

Michael Shu, Managing Director, BYD Europe, said: “BYD places great emphasis on the value of cooperations and business relationships. The signing of an MoU with Arval is another momentous occasion that underlines our commitment to collaboration. Our mutual goals for accessible electric mobility are well-aligned, offering customers product choice and flexibility, with the reassurance of high calibre localised services. The combination of BYD cars utilising advanced innovation in EV technology and Arval’s scope and expertise in corporate and private customers leasing solutions creates a dynamic cooperation. Together we make a compelling proposition for European business customers to consider BYD vehicles as they progress towards decarbonizing their fleets.”

In 2023, BYD achieved annual sales of over 3 million new energy vehicles, securing the title of the world's top-selling new energy vehicle manufacturer. With an expanding global footprint, BYD's passenger car business in Europe has already established a presence in 19 countries, with over 250 stores and the introduction of six models, including the Yuan PLUS, Seal, Dolphin, and Song PLUS EV.