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In contrast, Tesla only pays a 10% tariff on certain models, as production of the Model Y in Germany allows it to evade additional fees. As BYD opens a factory in Hungary, it is expected to eliminate these tariffs, positioning the brand for even greater success in Europe.
Market Implications and Competitors
The figures tell a compelling story. While Tesla faces a notable decline, BYD’s sales numbers have skyrocketed. In addition to pure electric vehicles, BYD also competes in the plug-in hybrid market, seeing a staggering 360% growth in sales across Europe. This growth has allowed them to overtake established European brands and establish a firm foothold.