BYD plans to install new electric vehicle plant in Mexico

The Chinese company BYD is considering installing an electric vehicle production plant in Mexico, the Japanese newspaper Nikkei reported on Wednesday, citing an executive of the company in the country.

The Chinese company BYD Co Ltd is considering installing a production plant in Mexico, as the electric vehicle manufacturer intends to establish an export center to the United States.

BYD, which surpassed its biggest rival Tesla as the leading producer of electric vehicles in sales in the previous quarter, launched a feasibility study for the new factory and negotiates with government officials at various levels the location and other terms, Nikkei reported.

The Chinese firm, which has its sales concentrated in the Asian giant, aims to expand its global presence and is building new plants abroad, in addition to expanding exports from China.

“Production abroad is indispensable for an international brand,” BYD Mexico’s president, Ray Zou, told Nikkei.

In Brazil, BYD plans to spend 3 billion reais (about 605.94 million dollars) to build a plant, Nikkei detailed.

The world’s largest seller of battery electric vehicles (BEV) and plug-in hybrids, sold about 3.02 million vehicles in 2023, which represents an increase of 61.9% compared to a year earlier.

Source: El Economista