BYD’s first chartered cargo ship has set sail as the carmaker ramps up exports of its electric vehicles, reports Caixin. The BYD Explorer No. 1, capable of carrying 7,000 cars, is bound for Europe after making a stop in the Chinese port of Yantai and soon Shenzhen. The ship is managed by Zodiac Maritime Ltd. and is being rented to BYD, according to a WeChat post by China International Marine Containers Group Co. Ltd, (CIMC), which built the vessel.
BYD, having conquered its home market to become China’s best-selling car brand, is expanding overseas at a rapid rate. It clinched the crown as the world’s largest EV manufacturer from Tesla Inc. in the fourth quarter.
Chinese carmakers’ growing presence overseas has drawn retaliation from the European Union, which in October launched an investigation into Chinese EV subsidies that it says distort the market.