BYD is waiting to see if former President Donald Trump or Vice President Kamala Harris wins the US election before it reveals plans for a new plant in Mexico. According to a new report, BYD is delaying the major announcement as it awaits the outcome.
China’s largest EV maker continued its growth streak after setting another new sales record last month. August was BYD’s third consecutive month with record sales.
After selling another 145,627 electric cars last month, BYD topped the 1 million EV sales mark for 2024. BYD’s EV sales are up 13% through the first eight months of the year.
Much of the growth still comes from China, the world’s largest EV market. However, BYD expects momentum to pick up overseas. BYD has sold nearly 265,000 vehicles overseas. As it launches new models in growing EV markets like Thailand, Brazil, and Europe, BYD sees that number rising quickly.
To accelerate growth, BYD plans to open several new facilities outside of China for local manufacturing.
BYD opened its first plant in Thailand in July. It’s also planning facilities in Pakistan, Turkey, Brazil, and Mexico.
According to a new Bloomberg report, we may not hear official details about the planned investment in Mexico until after the US election.
BYD puts Mexico plant on hold until the US election
People familiar with the matter said BYD is waiting until at least after the election before it makes any major announcements.
Several sources said BYD was considering three locations but has stopped actively looking. At least for now.
The delay comes as BYD would rather wait to see who the next US president will be, adding plans could change, and no final decision has been made.
According to the report, BYD representatives visited Guadalajara in March, one of the areas under consideration. During the Dolphin Mini launch event, BYD’s senior vice president, Stella Li, also visited Mexico City.
Mexico is a hot spot for EV investments. Domestic sales are expected to surge, and the country is expected to serve as an export hub. Tesla, Kia, BMW, and Stellantis plan to build EVs in Mexico.
With new models rolling out, including its first truck, the Shark PHEV pickup, BYD sees Mexico as a key growth driver.
Electrek’s Take
After overtaking Honda and Nissan to become the seventh-largest automaker globally in Q2, BYD is looking overseas to boost growth.
Although the growth has been minor so far, with planned plants in big auto regions, BYD is laying the groundwork to secure leadership as the industry shifts to electric.
BYD is best known for its low-cost EVs like the Seagull EV (Dolphin Mini overseas), which starts at just $9,700 (69,800 yuan) in China. The Dolphin Mini begins at around $18,000 (358,800 pesos) in Mexico as one of the most affordable options on the market.
Despite this, BYD is quickly expanding into new segments with luxury vehicles, smart mid-size SUVs, electric supercars, and pickup trucks rolling out.
Despite facing a new 100% tariff on EV imports, BYD is also looking to enter Canada, which could have a major impact on the North American EV market.
A plant in Mexico could serve as an export hub to key overseas markets. However, details will likely have to wait until after the US election in November.
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