An agreement has been signed between BYD Automotive GmbH and Hedin Mobility Group to transfer to BYD Automotive GmbH the distribution of BYD vehicles and spare parts in the German market.
An agreement has been entered into for the sale of the subsidiary Hedin Electric Mobility GmbH, the designated Dealer+ of BYD vehicles and spare parts in the German market, between BYD Automotive GmbH, the buyer, and Hedin Mobility Group, the seller. The two pioneer stores in Stuttgart and Frankfurt, which are run by the German retail branch of Hedin Mobility Group, are also being transferred as part of the transaction.
Hedin Automotive eMobility GmbH, which has three sales locations in Mannheim, Kaiserslautern, and Saarbrücken, will continue to be an approved BYD reseller in Germany after the acquisition. As part of its long-term agreement with BYD, Hedin Mobility Group will also continue to function as a Dealer+ and retailer in the Swedish market.
Stella Li, Executive Vice President of BYD Company Ltd. said, “BYD is committed to fostering strong long-term partnerships. The existing partnerships with the German retailers will continue. Together with its retail partners, BYD will further extend outstanding customer services and warranty support in Germany”.
Anders Hedin, CEO & Founder of Hedin Mobility Group said, “Over the past two years, we have worked with BYD to develop the German market. The foundation is now in place to scale up volumes, and we look forward to continuing this journey in Germany together with BYD as a dealer.
The transaction is subject to regulatory approval and closing is expected to take place in the fourth quarter of 2024.
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