BYD’s executive vice president and CEO of BYD Americas, Stella Li, recently revealed that the Chinese automaker has no intentions to sell passenger EVs in the US market. In an interview with Yahoo Finance, Li cited the complex nature of the US market, characterized by conflicting politics, as a major deterrent.
Li discussed BYD’s global EV market strategy, confirming plans for a new manufacturing facility in Mexico. Despite speculation about using this facility for exports to the US, Li clarified that it would primarily cater to the Mexican market.
Addressing concerns about confusion in the US market regarding EVs, Li emphasized the challenges posed by political dynamics, which she believes contribute to consumer uncertainty and reluctance among automakers to invest in the US EV market.
The decision contrasts with China’s robust EV market, where investments are viewed as imperative for survival. Li highlighted the disparity in EV adoption rates between China and the US, attributing it to regulatory restrictions and hesitancy among US automakers.
Amidst BYD’s aggressive pricing strategies and expansion into luxury segments with the launch of the Yangwang U9 electric supercar, the decision reflects BYD’s strategic focus on markets with more favorable EV adoption climates.