Description: China’s leading electric vehicle manufacturer BYD, has stated the company planned to reboot its strategy for the European market having learned from key mistakes made when they first introduced their products in Europe in 2023. The company has announced significant changes in how they would individually approach every country’s market as a separate entity in order to adapt the supply and demand needs adequately, instead of treating Europe as a singular market. BYD also announced multiple changes in their executive team covering Europe, stating that they would acquire executives with local experience who could adapt BYD’s vehicles according to Europe’s standards. The Chinese company has experienced a significant upsurge in demand ever since 2020 which was pioneered by the usage of revolutionary technology in the electric vehicles market. BYD registered around $105 billion in profits in 2024 despite stumbling in several foreign markets.
Impact: Chinese companies have rapidly started to take initiative in conquering and dominating foreign markets, counterbalancing the effects of the US tariffs on the global market. China’s recent foreign, economic and trade policies, such as President Xi Jinping poaching Southeast Asian countries in China’s trade circle, holding fast against market fluctuations and ramping up production in key industries such as chip manufacturing have upended the effect of Trump’s tariff policy. Larger companies such as BYD would continue to forward Chinese market dominance by effectively making concessions to readapt their presence in the foreign markets. The US tariffs may have caused abrupt mayhem and turbulations on the market, but long – term outlooks could see Europe and China becoming unusual strategic bedfellows, which could negatively impact US global economic and geopolitical ambitions.