BYD Seals EV Pact With Leasing Firm Ayvens to Expand in Europe [BNN Bloomberg (Canada)]
SOCIETE GENL FRNCE S/ADR (SCGLY)
NASDAQ:AMEX Investor Relations:
societegenerale.com/en/investors
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Source: BNN Bloomberg
The partnership, which covers both passenger EVs and light commercial vehicles, will start out in France, the Netherlands, Belgium and Luxembourg, the companies said Tuesday. Ayvens expects to offer commercial and retail leasing services with BYD at more than 30 European companies within a year. The corporate fleet market is key to BYD's push to break through in Europe, where the the world's biggest maker of electric cars has struggled to gain traction. BYD has intensified its activity in the region, sponsoring the Euro 2024 championships in Germany as it builds a factory in Hungary to increase output in the region. Corporate fleets make up a majority of sales in most major European markets, underscoring the importance of the memorandum of understanding reached with Ayvens, which is majority owned by French bank Societe Generale SA. BYD signed a deal with car rental provider Sixt in 2022 to supply 100,000 cars through 2028, but has struggled to build up a wide-ranging distributio
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