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BYD Automotive is to take control of distribution of its cars in Germany from Swedish firm Hedin.
The two entities have entered into an agreement where BYD will buy Hedin Electric Mobility GmbH, the appointed Dealer+ of BYD vehicles and spare parts in the German market.
The transaction also includes a business transfer of the two pioneer stores in Stuttgart and Frankfurt which are operated by Hedin Mobility Group’s German retail division.
BYD reportedly sold 4,139 BYD vehicles in Germany last year and in the first seven months of 2024, 1,432 units were registered. BYD wants to boost these figures faster.
Following the transaction, Hedin Automotive eMobility GmbH will remain an authorised retailer of BYD in Germany with three sales points in Mannheim, Kaiserslautern and Saarbrücken.
Hedin Mobility Group will also continue to act as Dealer+ and retailer in the Swedish market as part of its long term partnership with BYD.
“BYD is committed to fostering strong long-term partnerships. The existing partnerships with the German retailers will continue. Together with its retail partners, BYD will further extend outstanding customer services and warranty support in Germany,” said Stella Li, executive vice president of BYD Company.
“Over the past two years, we have worked with BYD to develop the German market. The foundation is now in place to scale up volumes, and we look forward to continuing this journey in Germany together with BYD as a dealer,” said Anders Hedin, CEO & Founder of Hedin Mobility Group.
The transaction is subject to regulatory approval and closing is expected to take place in the fourth quarter of 2024.