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According to a report from Nikkei, China's BYD Co., Ltd. is planning to establish a new electric vehicle (EV) factory in Mexico. The move is part of BYD's strategy to create an export hub targeting the United States market.
BYD, renowned for its affordable models and diverse EV lineup, recently surpassed its main competitor, Tesla Inc., to become the world's leading EV manufacturer in terms of sales.
The Nikkei report states that BYD (002594. SZ) has initiated a feasibility study for the new Mexican plant and is currently in negotiations with officials regarding various terms, including the factory's location.
While BYD primarily focuses its sales on China, it is also striving to expand its global presence by constructing new plants overseas and increasing Chinese exports.
Mexico's significant automotive sector, which includes numerous top global players, is closely linked with the U.S. industry. BYD Mexico country manager Zhou Zou emphasised the importance of overseas production for an international brand.
Although the carmaker's Mexico office declined to comment on the matter, major U.S. automakers have expressed concerns about the potential impact of Chinese cars on their market share, with Tesla's CEO, Elon Musk, warning that Chinese automakers could disrupt global rivals.
In Latin America, BYD is also making significant investments, planning to allocate 3 billion reais ($620 million) for a new industrial complex in northeastern Brazil. The complex, consisting of three plants, will be located in Bahia State on the site formerly occupied by a Ford plant that closed in 2021.
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