BYD enters UK promising three-month lead times

Chinese newcomer BYD – Build Your Dreams - is promising lead times of three months or less as it launches its first model in the UK, the fully electric Atto 3 compact SUV.

Bono Ge, BYD UK country manager, is confident that volumes will meet demand, but stresses that he is looking for a balance of retail and fleet to ensure robust residual values.

“We want to support the market and not distress values,” Ge said.

With a competitive pricing strategy that sees the Atto 3 enter the market priced from £36,490, terms have already been agreed with a number of leasing companies – including a salary sacrifice partnership with Octopus EV which has ordered 5,000 cars over a three-year period – while other discussions are ongoing as BYD looks to build its profile in the UK.

BYD has a model line-up comprising 19 vehicles in its home market, including cars, vans, trucks and buses (it is already the UK’s largest supplier of electric buses to the likes of Stagecoach, Arriva and Go-Ahead).

“We have to make a decision about which ones are relevant for the UK, where the big opportunities are,” Ge said. “We are working on bringing LCVs as well.”

The company will be setting up a national sales office in the UK, its first in Europe, and has partnered with four franchised dealers - Arnold Clark, Pendragon, Lookers and LSH Auto - to build a national retail network. Showrooms have already opened in Birmingham, Glasgow, Milton Keynes and Manchester, with London and Belfast to follow in Q2.

BYD is targeting a network of 20-30 sites by the end of the year and up to 100 dealerships by the end of 2025.

“We will not sell direct, we will have partnerships with dealers,” Ge said. “We have also appointed Santander as our preferred partner for financial solutions to dealers and end customers.”

He has already hired a UK fleet sales director, Eric van Munsteren, who reports into head of corporate sales and used cars Europe Eris Yahsi, and is recruiting a full fleet team.

Yahsi, who spent 16 years at Kia helping to build its European fleet position, said: “Terms are available for fleets looking to place orders and we are in discussions with other leasing companies on framework agreements. We will understand from them what the right volume is for the market.

“But we will never sell more than 5% of volumes to rental companies and they will be on buybacks with the cars going to our dealers. We are also developing a remarketing programme.”