BYD's (HKG:1211, SHE:002594) market share in Spain climbed to 10% in July, double than that of the average across Europe and even three times that of Tesla's 3.3%, Reuters reported Monday.

The Chinese EV giant's low prices contributed to the surge, Reuters said, citing the company.

"Until the arrival of BYD, if you wanted to buy an electric vehicle, you had to spend a hell of a lot of money," Reuters quoted BYD's Spain and Portugal Country Manager Alberto de Aza as saying.

BYD's dealerships in Spain rose fourfold to nearly 100 dealers from 25 in 2024, the report said, citing De Aza.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)