BYD, the Chinese electrical and hybrid vehicle manufacturer, has ruled out building its first European factory in the UK because of Brexit.
The company, which has been backed by US billionaire Warren Buffett for 15 years, said the UK did not make the top 10 shortlist for factory locations.
“The UK doesn’t have a very good solution,” said BYD’s European president Michael Shu in a report in the Guardian.
“Even on the long list we didn’t have the UK,” Shu added.
Shortlisted locations by BYD, which stands for Build Your Dreams, include Germany, France, Spain, Poland and Hungary.
BYD said it has ambitions to become one of Europe’s most popular electric vehicle (EV) manufacturers alongside Tesla, targeting 800,000 sales annually in the continent by 2030.
Like BYD, Tesla also ruled out the UK as its European hub for expanding its operations because of Brexit.
Back in 2019, Elon Musk said the UK’s decision to leave the EU made it too risky to build a gigafactory.
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