China’s BYD Co Ltd will set up a new electric vehicle (EV) factory in Mexico, Nikkei reported on Wednesday, citing the company’s Mexico head, as the EV maker aims to establish an export hub to the United States.
BYD, known for its cheaper models and a more varied lineup, recently overtook its biggest rival Tesla Inc (TSLA.O) to become the world’s top EV maker in terms of sales.
According to the Nikkei report, BYD has launched a feasibility study for the Mexican plant and is currently negotiating with officials over terms, including the factory’s location.
While BYD has its sales concentrated in China, opens new tab, it also aims to expand globally and is building new plants overseas in addition to expanding Chinese exports.
Mexico’s massive automaking sector, populated by many of the industry’s top global players, is tightly integrated with the U.S. industry.
I trust America will impose the same rules required by China to sell cars in their country; 50% ownership by an American company.
Competition is good. BYD cars are significantly less expensive than Tesla. It seems most major car manufacturers are pricing their new EVs at least $50-60k+ with a few exceptions. I’m sure US lawmakers will impose tariffs and laws targeting BYD coming into the US allowing US automakers to keep their car prices artificially high for the sake of corporate profit, stifling competition instead of forcing automakers to adapt and reduce pricing.
I would definitely buy a BYD car before I’d ever sit in a Tesla.
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Musk will be quaking in his shoes over this.
Well I trust mexican made far more than I trust homeland chinese made. I just hope BYD doesn’t use the same schematics they’re using for the vehicles of theirs that are blowing up all over china
