China's leading electric vehicle manufacturer, BYD, is expanding its North American presence. Next year, it plans to sell 100,000 EVs in Mexico. BYD will also announce its first production facility in the region by the end of 2024.
BYD is expanding into the North American market with new EVs
After dominating its home market, BYD is looking overseas to boost sales growth. BYD opened its first plant in Thailand in June and plans to open several more in Pakistan, Turkey, Brazil and Hungary.
Last year there were rumors that BYD was eyeing its first location in Mexico. BYD Mexico director general Jorge Vallejo recently confirmed these plans, saying the facility will create about 10,000 jobs.
It would be one of the largest auto plants in the region, along with Volkswagen's Audi Puebla plant in Mexico.
According to Vallejo, BYD aims to sell 100,000 EVs in Mexico next year as it expands its North American presence. With plans to sell 50,000 EVs by 2024, BYD expects sales to double next year.
Speaking at an event in Monterrey (with Reuters), Vallejo said BYD will announce its first plant in Mexico by the end of 2024.
The first plant in Mexico is coming soon
The plant is expected to build 150,000 vehicles in its first phase, and in the second phase it will increase to 300,000. Although no other details have been disclosed, BYD is looking at the expansion of new EV import charges.
After launching sales last June, BYD already sells six EVs in Mexico, including the Dolphin mini (Seagull in China), Seal, and Yuan Plus. It also offers four hybrid models.
In May, BYD launched its first pickup, the Shark PHEV, in Mexico. The BYD Shark will compete with top-selling trucks in the region, such as Ford's Ranger and Toyota Hilux, which start at $53,400 (899,980 pesos).
BYD is also moving closer to selling EVs in Canada as it expands its North American footprint. The company has already met with government officials and asked about opening retail locations in Canada.
Despite this, BYD North America CEO Stella Li said the company has no plans to sell passenger EVs in the US.
After selling more than 400,000 vehicles in September, BYD recorded its monthly sales record for the fourth month in a row. With new facilities in key automotive regions, BYD is making groundwork as it looks to gain global market share.
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