BYD to sell EVs in Mexico next year


New market: Visitors check BYD’s Atto 3 electric car at the Paris Car Show. The world’s largest EV maker by sales hopes to sell 10,000 vehicles in Mexico in 2023 and between 20,000 and 30,000 in 2024. — AP

MEXICO CITY: Chinese electric-vehicle (EV) maker BYD says it will launch its cars in Mexico next year, with a senior executive pegging its sales target at up to 30,000 vehicles in 2024.

Next year, BYD will begin selling fully electric versions of its Tang sport-utility vehicle (SUV) alongside its Han sedan through eight dealers across Mexico, the company’s country head Zhou Zou told Reuters ahead of the announcement.

The world’s largest EV maker by sales hopes to sell 10,000 vehicles in Mexico in 2023 and between 20,000 and 30,000 in 2024, Zou said, adding that the firm’s long-term goal is to reach around 10% of total market share.

As per Mexico’s Automotive Industry Association, just 4.5% of cars sold in the first eight months of this year were hybrid, or around 31,000 of nearly 693,000 sold in total.

While BYD declined to name starting prices of its vehicles in Mexico, Zou emphasised on the company’s affordability. “We are the brand for everybody,” Zou said.

In September, BYD had set pre-sale prices for its Tanga and Han models at €72,000 (US$72,500 or RM326,032) in Europe.

Few Mexicans make more than US$10,000 (RM45,000) a year, according to the country’s statistics agency.

BYD’s Zou also said the company aimed to sell cars through 15 licensed dealers in Mexico by the end of 2023 and hit 30 by 2024.

The company’s announcement comes as Mexico, a major car producing hub, looks to make EVs more affordable by cutting sales taxes and import tariffs – moves Zou said marked a positive step.

In recent months, officials in Mexico have said the country is on track to meet its goal of turning 50% of automotive production electric by 2030.

However, a General Motors executive said this month Mexico will more likely reach just 15% by 2030 if it does not change course.

Zou said as US states such as California go fully electric, Mexico – which produces a vast amount of cars for its northern neighbours – will likely follow. — Reuters

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

BYD , EV , Mexico , licenseddealers , salestarget

   

Next In Business News

Ringgit ends lower as US non-farm payrolls shocks Asian foreign exchange
Willowglen secures RM11.92mil contract in Singapore
RHB revise upwards 2022 GDP growth forecast to 8.5%
Aemulus posts net loss of RM4.8mil in 1Q
KLCI tumbles 14.09 points, 730 stocks in the red
AirAsia to lease 15 new planes to meet demand driven by China's reopening
BP profit soars to record US$28bil, dividend increased
Bed Bath & Beyond's road to potential bankruptcy
Manufacturing sales up 8.6% to RM156.3bil in Dec 2022
Malaysia's service producer price index up 3.3% in 4Q22

Others Also Read