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Chinese EV giant BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) could bring its compact Racco car to the European market.
BYD Vice President Stella Li said the automaker could bring the Racco to the region "if there’s some space," Autocar reported on Wednesday. Li added that the automaker was "very interested to follow the EU regulation."
It's worth noting that EU lawmakers have been mulling over introducing a new E-car class comprising affordable, compact European-built cars.
BYD revealed the Racco at the Tokyo Motor Show last month as its entry into the competitive Kei car segment in Japan. The Racco is BYD's first entry into the segment and is powered by a 20 kWh battery, offering 112 miles of claimed range and charging at up to 100kW. If released in Europe, the car could fit in below the already-available Dolphin Surf EV in the European market.
A kei car is the smallest, expressway-legal category of cars with engine sizes capped at 660cc for ICE-powered versions. The category comes with reduced taxes for owners, though the benefits have since been reduced.
The news comes as BYD has been steadily recording growth in the European market, with the UK now being the largest market for the automaker outside of China. BYD sold 11,271 vehicles in the UK during September.
BYD also expanded its factory in Zhengzhou, China. The facility is over six times bigger than rival Tesla Inc.'s (NASDAQ:TSLA) Gigafactory in Texas. The facility has grown to 22.5 square kilometers. It also employs roughly 60,000 workers at its premises.
Meanwhile, Tesla sales fell 10.5% during September in the European market. The company also recorded a 25% decline in Italy. In China, Tesla's performance isn't faring any better as the EV giant recorded a 9.9% decline in its Chinese sales during October. The company’s exports fell by over 32% during the same period.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
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