BYD, a manufacturer of electric vehicles (EVs) in China, announced on November 29, 2022, that it would introduce its automobiles in Mexico in 2023, with the delivery of up to 30,000 electric models in 2024. With eight dealers in Mexico in 2024, these variants will comprise its Tang sport utility vehicle (SUV) and Han sedan.
According to Zhou Zou, country manager for BYD, the company hopes to sell 10,000 EVs in Mexico in 2023 and between 20,000 and 30,000 vehicles in 2024. Its long-term objectives include capturing 10% share in the market. Despite having recently sold some of BYD's shares that were listed on the Hong Kong Stock Exchange, Warren Buffet's Berkshire Hathaway still holds an interest in the company.
Although BYD, the largest manufacturer of EVs in the world by sales, declined to disclose the starting prices of its vehicles in Mexico, Zou emphasized how reasonably the company’s products are priced. “We are the brand for everyone,” claimed Zou. According to Zou, the company plans to sell cars in Mexico through 15 authorized dealers by the end of 2023 and 30 by 2024.
The company's statement comes even as Mexico, a significant auto manufacturing hub, attempts to lower the cost of EVs by reducing import duties and sales taxes, which Zou said was encouraging. Mexican authorities recently stated that the country is on track to achieving its target of having 50% of vehicles produced electrified by 2030. However, if nothing changes, 15% of vehicles in Mexico will likely be electrified by 2030.
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