12:21 pm, September 21, 2022
Pendragon has announced it is in ‘advanced negotiations’ to become the lead launch partner of new Chinese brand BYD.
The dealer group published its results for the first half of the year this morning (Sep 21) with the firm returning a reduced pre-tax profit of £33.5m.
Also included in the statement to shareholders was an update on the company’s bid to represent BYD in the UK.
CEO Bill Berman confirmed that the two firms are holding ‘advanced discussions’ ahead of the Asian outfit joining the UK market.
BYD, which stands for ‘Build Your Dreams’ is already the world’s biggest EV manufacturer after enjoying huge success in China.
It is not yet known when the brand will arrive in the UK but Pendragon is believed to be one of several dealer groups hopeful of representing it.
The deal is part of the group’s ambitious plans to continue growing throughout the rest of this year, as well as longer-term.
Berman told shareholders: ‘We remain confident in the long-term opportunity that our strategy provides, and have made further progress towards our strategic objectives in the first half of the current financial year.
‘While our new car order bank remains strong, with over 22,000 orders as the end of June, we are cautious about the near-term outlook given the increased consumer uncertainty, the ongoing constraints with the supply of new vehicles, and the impact on the cost of living of a high-inflation cost environment.
‘Despite these challenges, we continue to believe that our market-leading proposition positions the company to capitalise on the growth opportunities.’
BYD will showcasing its first wave of European models at next month’s Paris Motor Show.
Pictured: The BYD Song
