Chinese electric vehicle manufacturer BYD has introduced its latest model, the ‘Shark,’ a medium-sized hybrid pickup truck, marking its first launch outside of China. The announcement was made on Tuesday, alongside the news of a new manufacturing plant to be established in Mexico.
Stella Li, the regional director of BYD Americas, made the announcement during an event in Mexico City, highlighting Mexico as the first market outside of China to receive the new model.
BYD’s decision to debut in Mexico stems from the country’s high demand for trucks, particularly against traditional American competitors such as Ford, General Motors, and Toyota. Li emphasized that the recent increase in tariffs on Chinese products by the United States, especially the ones announced on Tuesday targeting electric vehicles from China, would not affect BYD’s new business model.
Li further stated that BYD does not yet view the U.S. as a potential market for their new truck model. Instead, the focus remains on Mexico, where a new manufacturing plant is also planned. While she did not disclose specific details, Li mentioned that the company hopes to select a site by the end of 2024, with the plant’s construction expected to be completed within two to three years.
The new plant is anticipated to have an annual production capacity of up to 150,000 vehicles. Over the past decade, Chinese car sales in Mexico have increased exponentially, capturing nearly 20 percent of the market share in 2023, according to the latest data from the Mexican Association of Automotive Distributors (AMDA).
BYD’s strategic move underscores the growing importance of the Mexican market in the global automotive industry and highlights the competitive edge Chinese manufacturers are gaining in the region.