News
China’s BYD, The World’s Biggest Electric Car Maker, It Is Not Coming To America Anytime Soon
China’s BYD is not coming to America anytime soon amid plans to set up a new Mexico manufacturing plant.
BYD Americas CEO explained : “It’s an interesting market (U.S), but it’s very complicated if you’re talking about EVs.”
BYD will face a combination of geopolitical challenges and weak demand when it starts selling its cars in the United States.
Last year, Chinese EV brand, BYD Auto, overtook Tesla’s eight-year reign as the world’s best-selling electric vehicle maker following the sales of 526,409 electric vehicles in the last three months of 2023.
While BYD is aiming to spread it tentacles into other markets, the Chinese brand has revealed it is not coming to North America anytime soon despite a move to set up a new Mexico manufacturing plant.
“We’re not planning on coming to the US,” BYD Americas CEO Stella Li told Yahoo Yahoo Finance. When pressed why, she explained: “It’s an interesting market, but it’s very complicated if you’re talking about EVs.”
According to analysts, the Chinese EV seller will face a combination of geopolitical challenges and weak demand even when it starts selling its cars in the United States.
“It’d be very difficult for a Chinese EV maker to enter the US market,” Seth Goldstein, an equity strategist at Morningstar, told Business Insider.
“Even if BYD were to try, I’m not sure how much consumer demand there would be — it’d take some time for them to prove themselves.”
Last year’s end-of-year performance crown an extraordinary rise for the Chinese carmaker that was mocked by American billionaire and Tesla CEO Elon Musk nearly 13 years ago.
“If you are the winner in the most competitive market [China], why can’t you win in other markets? It’s just about a timing issue,” said Li.
