London dealer woos BYD for UK launch

British auto dealer Pendragon is in advanced discussions with BYD (1211) to be its UK launch partner as China's biggest electric-vehicle maker enters the market later this year.

The move is part of Pendragon's broader efforts to boost its new car franchise business, the London-based company said in a statement yesterday, after posting 1.6 percent first-half revenue growth.

Talks come as BYD strives to expand its business beyond China and become a global brand. Early in September, the company signed a land-purchase deal in Thailand to construct its first EV plant in Southeast Asia.

Elsewhere, BYD is also targeting Cambodia, Denmark, Japan, Sweden and Israel in its push to build a presence abroad.

Meanwhile, Chinese electric-car startup Nio (9866) is looking to grab a share of Europe's growing market for electric vehicles by rolling out a battery leasing and swapping network to cut costs for users, its president told Reuters.

Nio plans to build 1,000 battery swapping stations outside China by 2025, most of them in Europe, to service the expanded range of EVs it will begin selling this year in Germany and other markets, said Qin Lihong, who is also a Nio co-founder.

Nio opened its first overseas plant in Hungary this month to make power products such as battery swapping stations, which are costly to ship from China because of their size, Qin said.