Chinese automaker BYD has launched its electric sedan, the BYD Seal, in Europe at the IAA auto show in Munich, Germany. The stringent ban on combustion engine cars in Europe by 2035 is accelerating the shift towards EVs, providing an opportunity for Chinese companies to gain market share. BYD's entrance into the European market puts it in direct competition with Tesla's Model 3. Xpeng, another Chinese electric vehicle manufacturer, plans to expand sales into the German market in 2024 and bring its latest car, the G6, to Europe next year. Analysts predict that entering Chinese carmakers into the European market could lead to a price war.
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NewsTranscript
00:00 It's Benzinga and here's what's on the block.
00:02 Chinese automaker BYD has launched its electric sedan, the BYD Seal, in Europe at the IAA
00:08 Auto Show in Munich, Germany.
00:11 The stringent ban on combustion engine cars in Europe by 2035 is accelerating the shift
00:16 towards EVs, providing an opportunity for Chinese companies to gain market share.
00:21 BYD's entrance into the European market puts it in direct competition with Tesla's Model
00:25 3, Xpeng, another Chinese electric vehicle manufacturer, plans to expand sales into the
00:31 German market in 2024 and bring its latest car, the G6, to Europe next year.
00:37 Analysts predict that the entrance of Chinese carmakers into the European market could lead
00:41 to a price war.
00:44 [BLANK_AUDIO]