BEIJING : Chinese electric vehicle (EV) giant BYD is embarking on a rapid global expansion to challenge Tesla but for now it's stuck in the slow lane on its rival's home turf.While BYD has not fully articulated its global ambitions in public, a concerted worldwide push has become the single most importan
BEIJING : Chinese electric vehicle giant BYD is embarking on a rapid global expansion to challenge Tesla but for now it's stuck in the slow lane on its rival's home turf.
The momentum was building towards an announcement at this year's global CES tech show in Las Vegas, where BYD was planning to showcase a new generation of battery electric vehicles and plug-in hybrids for the U.S. market, a BYD official said.Tense relations between Washington and Beijing, anti-China sentiment in the United States and President Joe Biden's move to prioritise home-grown production of EVs and batteries all pushed BYD to hit the pause button, one of the sources said.
BYD still trails Tesla in terms of fully electric cars by almost 400,000, though the Chinese company is planning to ramp up sales quickly at home and abroad, having already increased its BEV sales by 184 per cent in 2022 from the previous year. But the two pulled the plug in 2021 when HAAH could not raise enough money to follow through, due to what executives described as concerns over U.S. tariffs and trade tensions.
LMC said BYD's ability to offer a full range of globally attractive and well-priced full EVs in mainstream and premium markets made its sales aspirations credible.
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