BYD Co.’s first chartered freighter has left as the automaker ramps up exports of electric vehicles.
The BYD Explorer No. 1, which can carry 7,000 cars, is on its way to Europe after a stop in the Chinese port of Yantai and soon Shenzhen. The ship is operated by Zodiac Maritime Ltd. and is leased to BYD, according to a WeChat post by China International Marine Containers Group Co., which built the ship.
BYD, which has conquered its home market and become China’s best-selling car brand, is rapidly expanding abroad. It took the crown of world’s largest EV manufacturer from Tesla Inc. in the fourth quarter.
The growing presence of Chinese automakers abroad has drawn retaliation from the European Union, which in October launched an investigation into Chinese EV subsidies it says are distorting the market.
The maiden voyage of BYD Explorer No. 1 began in Longkou, a port city in northeastern China’s Shandong province. The plane stopped in Yantai on January 9 and is now on its way to Shenzhen, where BYD’s headquarters are located. It will pick up some cargo there before sailing to Europe, Navy tracking data shows.
CIMC said BYD Explorer No. 1 is the first cargo ship created by a Chinese shipbuilder for the purpose of exporting Chinese cars. It is equipped with two tanks for the storage of liquefied natural gas, which will be used as the main fuel to reduce emissions.
In addition, BYD on Wednesday teased the next model, the U7, of its Yangwang sub-brand, cars aimed at the ultra-luxury segment and typically costing more than 1 million yuan ($140,000).
The new sedan complements Yangwang’s U8 SUV and a yet-to-be-launched supercar, the U9.
Yangwang started delivering cars in late November, meaning December was the sub-brand’s first full month, when 1,593 models were shipped.