Chinese electric vehicle manufacturer BYD, which surpassed Tesla in sales in 2024, is expanding into Cyprus through a new distribution partnership.
BYD has appointed Alpan Group, a member of Sfakianakis Group, as its official distributor in Cyprus, with operations expected to begin in the coming months.
Alpan Group, now a wholly-owned subsidiary of Sfakianakis, is already the exclusive importer and distributor of Samsung mobile phones and Kenwood, DeLonghi, Braun and Sage appliances across Cyprus.
Through its Electroline brand, Alpan maintains a leading position in the Cypriot market with nine electrical goods stores and holds a 45% share of the total mobile phone market with Samsung. The group also entered the long-term car rental business in late 2023 through Executive Lease.
Sfakianakis Group, one of Greece’s largest commercial conglomerates, operates in 14 countries across South-Eastern and Central Europe with consolidated revenue of €700 million for 2024.
The Chairman and CEO of both Alpan Group and Sfakianakis Group expressed pride in extending BYD’s partnership to Cyprus, adding that their strategy aims to play a central role in the transition to electric mobility while offering advanced and sustainable transport solutions to Cypriot consumers.
Founded in 1994 in Shenzhen by Wang Chuanfu as a battery manufacturer, BYD has grown into a leading producer of electric and plug-in hybrid vehicles with factories across Europe, Latin America and Asia. The company maintains a presence on six continents, in more than 100 countries and regions, with its vehicles available in over 400 cities.
In 2024, BYD sold approximately 4.27 million vehicles, a 29% increase from 2023, generating revenue of $107 billion. This surpassed Tesla, which reported sales of $97.7 billion.
Forecasts suggest BYD will sell more than 5.5 million cars in 2025, with around 800,000 destined for markets outside China.
BYD Auto, established in 2003 as a subsidiary of BYD, is proceeding with construction of its first European factory in Hungary, scheduled to begin operations in 2025. This move aims to avoid the 27% tariffs currently imposed by the European Union on BYD vehicles manufactured outside Europe (10% standard import duty plus an additional 17% specific to the brand).
The company is also considering building a second European manufacturing facility.
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