Stella Li, the executive Vice President at BYD, came out guns blazing, calling UK subsidies for EVs senseless and just plain “stupid.” She warned that the unwarranted discounts were counterproductive and would likely work like a “drug”, hurting the local market in the long term if it were ever withdrawn. Li, who is in charge of BYD’s international expansion, claimed that this UK government policy was unlikely to affect the carmaker’s sales in the UK market. She discouraged the “backdoor Chinese tariffs,” adding that her company would create over 5K jobs in the UK through dealerships by 2026 as part of its European expansion policy. Last week, the UK government announced a £650M grant to encourage customers to buy electric vehicles (EVs). Under the subsidy scheme, UK EV buyers will receive discounts of up to £3.75K per unit when purchasing new EVs costing less than £37K. Buyers of cars in lower emission bands will get up to £1.5K in discounts. Heidi says switching to EVs is now a reality Heidi Alexander, the Labor MP for Swindon South and the Secretary of State for Transport, said the UK government was making it cheaper and easier for UK residents to own an EV. She added that the UK government was also backing British businesses and putting more money back into its citizens’ pockets through this initiative, which the UK Department for Transport agreed with. Heidi also believes the UK EV subsidies initiative will “make owning an electric car a reality” for thousands of UK residents. The Department for Transport disclosed that two in every five second-hand EVs were now sold for under £20K. It also noted that about 34 EV models would sell new units for under £30K. However, Auto Express car magazine’s Steve Walker claimed that most EV models will fall outside the subsidy scheme because nearly 70% of them were priced above £40K. The UK Transport Secretary also observed that many families felt EVs were out of reach due to the high upfront cost. Not everyone had a driveway, and most drivers were worried about where to charge their EVs. Altavilla believes the fight against BYD EVs will not last Alfredo Altavilla, the former ITA Airways boss currently serving as the special adviser for BYD’s operations in Europe, wondered if any European government could oppose EVs made in China forever. He saw no purpose in the UK government doing all that it was doing with the EV subsidies. Meanwhile, the Chinese embassy also warned the UK government against its protectionist, exclusive policies. Schmidt Automotive Research also observed that the UK EV industry would still struggle to compete, even with the subsidies. The research institute explained that BYD and other Chinese EV brands had cheaper cars with advanced batteries and cutting-edge software. It also noted that Chinese-made brands, including BYD, had expanded to capture about 5% of the market share in the UK and the broader European EV markets . “My dream is in five years, you’re walking in a supermarket and everyone will know, ‘oh, BYD, we know them, they’re a high-tech company.” – Stella Li , Executive VP at BYD Li’s remarks came as BYD planned to support its European expansion by producing locally through its Turkey and Hungary plants. The Chinese EV-maker also announced that it would open 280 retail stores in the UK, and about 2K across Europe. Each exclusive BYD dealership will employ up to 20 people. Meanwhile, BYD has also signed a new deal to sponsor Italian soccer giant Inter Milan. The company’s name will now appear on the back of Inter Milan t-shirts. All team members, including the top management, will also get one of about 70 donated BYD EVs. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites
