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BYD is holding off on announcing its new EV plant in Mexico until after the 2024 U.S. presidential election. The Chinese automaker, which recently set a new sales record, is waiting to see the political landscape before committing to its next major investment.
BYD Postpones Mexico EV Plant Plans, Awaiting U.S. Election Results Amid Record Sales Growth
BYD is delaying the announcement of its plans for a new facility in Mexico until the US election results are known, which will determine whether former President Donald Trump or Vice President Kamala Harris will be elected. According to a recent report, BYD postponed the announcement to anticipate the outcome.
After establishing another new sales record last month, China's largest EV manufacturer maintained its upward trajectory. BYD achieved record sales for the third consecutive month in August.
BYD exceeded the 1 million EV sales milestone for 2024 by selling an additional 145,627 electric vehicles last month. BYD's electric vehicle sales have increased by 13% in the first eight months of the year.
China, the world's largest EV market, continues contributing significantly to the growth. Nevertheless, BYD anticipates that momentum will increase in foreign markets. BYD has sold roughly 265,000 vehicles internationally. The number is expected to rise as BYD introduces new models in emerging EV markets such as Thailand, Brazil, and Europe.
To expedite development, BYD intends to establish numerous new facilities for local manufacturing outside China.
In July, BYD inaugurated its inaugural facility in Thailand. It also plans facilities in Turkey, Brazil, Mexico, and Pakistan.
According to a recent Bloomberg report, the official details regarding the intended investment in Mexico may not be disclosed until after the US election.
BYD Halts Mexico EV Plant Plans, Awaiting U.S. Election Outcome Before Final Decision
According to sources who know the situation, BYD is postponing any significant announcements until at least after the election.
According to numerous sources, BYD was contemplating three locations; however, it has discontinued its search for the time being.
The delay is due to BYD's preference to await the election of the next US president, and plans may be altered. No definitive decision has been made.
According to the report, BYD representatives visited Guadalajara in March, which is one of the areas under consideration. BYD's senior vice president Stella Li also visited Mexico City during the Dolphin Mini launch event.
Mexico is a prime location for electric vehicle investments. The country is anticipated to function as an export gateway, and domestic sales are expected to experience a significant increase. Tesla, Kia, BMW, and Stellantis intend to construct electric vehicles in Mexico.
BYD views Mexico as a critical growth driver as it continues introducing new models, such as its inaugural truck, the Shark PHEV pickup.
