BYD reaches agreement to acquire Hedin Mobility Group

BYD Automotive GmbH and Hedin Mobility Group have entered into an agreement transferring the distribution activities of BYD vehicles and spare parts in the German market to BYD Automotive GmbH.

BYD Automotive GmbH, as the purchaser, and Hedin Mobility Group, as the seller, have entered into an agreement for the sale of the subsidiary Hedin Electric Mobility GmbH, the appointed Dealer+ of BYD vehicles and spare parts in the German market. The transaction also includes a business transfer of the two pioneer stores in Stuttgart and Frankfurt which are operated by Hedin Mobility Group’s German retail division.

Following the transaction, Hedin Automotive eMobility GmbH will remain an authorized retailer of BYD in Germany with three sales points in Mannheim, Kaiserslautern and Saarbrücken. Hedin Mobility Group will also continue to act as Dealer+ and retailer in the Swedish market as part of its long term partnership with BYD.

“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,” said Stella Li, Executive Vice President of BYD Company Ltd.

"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,” said Anders Hedin, CEO & Founder of Hedin Mobility Group.

The transaction is subject to regulatory approval and closing is expected to take place in the fourth quarter of 2024.