AUTOMOTIVE NEWS CHINA
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China’s electrified-vehicle market took root in 2010 after Beijing rolled out a generous subsidy program. Sales of EVs and plug-in hybrids have expanded at a breathtaking pace ever since. Yet, except for BYD, profits are nowhere in sight for many domestic companies venturing into the EV sector, be they traditional automakers or major EV startups.
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Renault, Peugeot, Jeep plan public debuts for key models, while China's Great Wall and BYD kick off their European push at the show, which is being held for the first time since 2018.
The deal is a boost for BYD, which seeking to establish a foothold selling electric vehicles in European markets including Germany.
The purchase is another move by Li Shufu, Geely's billionaire owner, to expand his automobile empire. Geely also owns Volvo and Lotus Cars and has a stake in Daimler.
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