Over 5,000 electric vehicles manufactured by BYD, the Chinese carmaker backed by Warren Buffett, were shipped from China to Europe this week. The company, which has surpassed Tesla as the world's biggest seller of electric vehicles, used a large shipping carrier called "BYD Explorer No. 1" to transport the cars from Shenzhen to Germany and the Netherlands. BYD is now focusing on expanding its presence in Hungary and Mexico, which could serve as gateways to Europe and North America. In Hungary, BYD plans to open its first production plant for passenger cars in Europe, while in Mexico, it is considering setting up a manufacturing facility. These expansion plans will not only help BYD gain footholds on both sides of the Atlantic but also avoid heavy tariffs and navigate a challenging geopolitical environment. The move is seen as part of BYD's global expansion strategy and its ambition for global domination. The Hungarian plant will provide free trade access for BYD's passenger vehicles to 26 European Union member countries, and it will also help the company avoid European tariffs on cars imported from China. Similarly, setting up production in Mexico will allow BYD to avoid steep import duties in the United States.
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