BYD negotiating to buy Stellantis factories after €22 billion loss
Auto
Chinese electric vehicle giant BYD is in talks to buy factories from European carmakers like Stellantis, after Stellantis took a huge 22 billion-euro hit on its electric vehicle business.
BYD's vice president, Stella Li, confirmed the negotiations, saying they are also eyeing brands like Maserati, which she called "very interesting."
BYD eyes overseas expansion
With demand for electric vehicles slowing down in China, BYD is looking overseas for growth.
Meanwhile, many European factories are running at just half capacity post-COVID-19.
As Chinese companies like BYD expand with lower costs and strong technology, Europe's auto industry could be in for some big changes.