BYD Focuses on Mexico, Brazil for EV Expansion, Cites Slow U.S. Adoption Compared to China
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BYD plans to build a manufacturing plant in Mexico to serve Mexican EV customers, not to export to the U.S. market. The company has little interest in targeting U.S. consumers right now.
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BYD Americas CEO Stella Li cited a recent slowdown in U.S. consumer EV adoption and compared that to China's rapid growth.
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BYD is also building a plant in Brazil to expand in South America. Li sees Brazil as a lower risk bet than the current political environment in the U.S.
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BYD recently surpassed Tesla in EV sales globally, sparking backlash from Western governments wary of China's dominance in the EV supply chain.
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Despite the large U.S. EV market, Li doubled down that BYD is "not really planning to come to the U.S." and will focus on Mexico and Brazil for now.