According to BYD executive vice president and CEO of BYD Americas, Stella Li, the Chinese automaker has no plans to sell passenger EVs in the US. The leader called the market “interesting” but too complicated due to conflicting politics.
Li sat down for an interview with Yahoo Finance Anchor Akiki Fujita to discuss the global EV market.
After confirming that BYD will officially announce a new manufacturing facility in Mexico, likely in the second half of the year, Li shut down rumors the automaker was planning to enter the US.
Earlier this month, the head of BYD Mexico, Zhou Zou, told Nikkei the automaker was considering building a plant in the country. Zou said overseas production is critical, and Mexico has significant potential.
The comments sparked speculation that the automaker would use the facility as an export hub to the US.
Li confirmed BYD is not planning to launch EVs in the US. She said the Mexico facility will “only mainly support the Mexican market.” Li explained, “We’re not planning to come to the US.”
BYD has no plans to launch EVs in the US
When asked why not, Li responded, “It’s too complicated.” Although Li called the US “an interesting market,” it’s “very complicated if you’re talking about EVs.”
Li added she believes the “US market is a little bit slow down on electrification and a lot of confusing.” When asked if politics play a role, Li explained, “Everything is complicated. Politics complicate,” and it’s confusing for buyers, “they don’t know which to choose.”
Clarifying her comments about confused consumers, Li said, “Here in the US is you have too many confusing noise, speech from different politic. This can bring a lot of confusing to consumer, and also to auto manufacturers. They are not eager to invest.”
The comments come after US automakers Ford and GM recently pushed back EV initiatives. Li said, in China the message is strong. She added:
If you are not investing for electric car, you are out. You will die. You have no future.
Li compares the Inflation Reduction Act in the US to China’s success with EVs. China has around 35% EV share while the US is about 7%. Li says this is because of restrictions with the IRA designed to promote domestic investments.
BYD’s America’s boss said automakers are overreacting to electric cars and are “a little bit too scared about a kind of Chinese competition.” Li said automakers need to participate, or they’ll be left behind in the global market.
The interview comes after BYD declared a price war on gas-powered vehicles, launching its cheapest EV, the Dolphin EV Honor Edition, starting under $14,000.
BYD is taking on new markets with the launch of the Yangwang U9 electric supercar this week. Starting at $233,000, the U9 will rival Ferrari and Lamborghini as BYD expands into the luxury segment.
The Chinese automaker’s first car transport vessel, the BYD Explorer No 1, docked in Germany Tuesday carrying 3,000 cars as the brand expands overseas.
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