BYD, one of the leading manufacturers in the production and commercialization of electric vehicles, will establish a new factory in Mexico. This is according to a Nikkei report by Reuters news agency, quoting the company’s director in the country.
According to the source, the electric vehicle manufacturer intends to establish an export center to the United States.
BYD, known for its cheaper models and more varied range, recently overtook its biggest rival Tesla and is looking to become the world’s leading electric vehicle manufacturer in terms of sales.
Read also: BYD Dolphin Arrives in Mexico
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According to the Nikkei report, BYD has launched a feasibility study for the Mexican plant and is currently negotiating with officials on terms, including the location of the factory.
While BYD has its sales concentrated in China, it is also aiming to expand globally and is building new plants overseas, as well as expanding Chinese exports.
Mexico’s huge auto manufacturing sector, populated by many of the industry’s major global players, is closely integrated with the U.S. market.
“Overseas production is indispensable for an international brand,” BYD Mexico Country manager Zhou Zou told Nikkei.
In Latin America, BYD plans to spend approximately $620 million on a new industrial complex in northeastern Brazil.
The three-plant complex will be built in the northeastern state of Bahia, on land previously occupied by a Ford plant that closed in 2021.
