Sparekassen Danmark’s CEO Vagn Hansen steps down after nearly 30 years, while leasing company Justdrive declares bankruptcy due to a significant tax bill, and an expert suggests BYD could flood Europe with cheaper electric vehicles.

Vagn Hansen, the top executive of Sparekassen Danmark, has stepped down after nearly 30 years in the position. The announcement was made by the bank on Friday. During his tenure since 1998, Hansen spearheaded the incorporation of 17 banks, making Sparekassen Danmark the country’s largest savings bank with 69 branches and 1,700 employees. Kim Mouritsen and Lars Thomsen, with 18 and 35 years of experience at the savings bank respectively, will take over his responsibilities.

Leasing company Justdrive has filed for bankruptcy after facing a tax bill of 23 million kroner. Despite achieving a profit of 7.6 million kroner in 2023, the company discovered a VAT error that led to the substantial tax demand. The company, known for its short-term leasing agreements, has yet to submit its financial statements for 2024, leaving the exact cause of the bankruptcy unclear.

BYD has the potential to sell electric cars significantly cheaper than competitors in Europe, according to an expert. Strategic advisor René Tønder estimates that even with European tariffs and Danish registration taxes, BYD could sell its Dolphin Surf model for around 100,000 kroner. Tønder suggests that BYD is currently pursuing a cautious pricing policy and could flood the European market with affordable electric vehicles if they chose to.