BYD's Europe Pivot In Full Swing With New $26,000 Affordable EV Amid Tesla Sales Slump

Chinese EV giant BYD Co. Ltd. BYDDY has launched its best-selling all-electric hatchback Seagull's updated version in Europe.

What Happened: The EV hatchback, dubbed Dolphin Surf for the European Market, comes with a sticker price of 23,000 Euros or over $26,000, the company revealed on Wednesday. The EV will be available in three different trim levels, with the standard version offering a range of 137 miles while the long-range version boasts a range of 315 miles on a single charge.

BYD is offering a discount on the standard version of the Dolphin Surf until June, retailing for 19,990 or just under $23,000. The EV comes standard with BYD's Advanced Driver Assistance Systems. There is also a four-seater version in the pipeline.

The BYD Seagull is the company's best-selling model in China, appearing in the upper echelons of the domestic sales charts, trailing only behind rival Tesla Inc.'s TSLA Model Y. 

Why It Matters: The news comes in as BYD continues to expand its presence in the region. Recently, reports in the media showcased the company's manufacturing facility taking shape in Hungary. The facility can produce up to 200,000 EVs annually.

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The company also revamped its European strategy as it grappled with slower-than-expected growth in the region. BYD hired executives well-versed in the European market, as well as expanding dealer networks.

Interestingly, BYD's shift in Europe comes as rival Elon Musk's Tesla is experiencing a slump in the region with declining sales in several European markets like Germany, Spain and the UK. Musk's EV giant's market share is now at 2% in Europe, declining from 2.9% last year. 

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