Chinese electric vehicle maker BYD (BYDDF) is considering setting up a plant in Mexico, the head of the company’s local subsidiary has told Nikkei, as the automaker seeks to establish an export hub to the U.S., Nikkei’s Tomohiro Ichihara reports. Overseas production is indispensable for an international brand, said Zhou Zou, country manager of BYD Mexico. Mexico is a key market with vast potential, Zou added, expressing eagerness for a plant in the country. In the fourth quarter of 2023, BYD beat Tesla (TSLA) for the first time ever in terms of global EV sales volume, the author notes.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on BYDDF:
- BYD: Analysts Expect This “Strong Buy” EV Stock to Deliver Solid Returns
- BorgWarner enters relationship pact with BYD subsidiary for LFP battery packs
- BYDDF, TSLA: Can BYD’s Global Ambitions Derail Tesla’s Dominance?
- Can Tesla (NASDAQ:TSLA) Rise to the Occasion as Competition Comes Knocking?
- Stingray Group, BYD expand partnership to include Calm Radio in EVs