Mexico

Chinese electric vehicle manufacturer BYD plans to sell 50,000 EVs in Mexico in 2024 and increase that to 100,000 the following year. BYD Mexico head Jorge Vallejo shared these targets at a forum in Monterrey, the country's industrial hub. Vallejo also said that by the end of this year the company will reveal where its first manufacturing plant in Mexico will be. 

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The factory is projected to begin with an initial capacity of 150,000 vehicles in its initial phase and to double that capacity in a subsequent phase. Yet no further details about the factory’s operations or timeline were provided.

BYD is seeking an extension of tariff relief for imports of EVs into Mexico beyond its manufacturing interests. Earlier this year, the company launched its sales operations in Mexico through importing, and the tariff extension would aid it in establishing itself in the region.

This fits a broader pattern within the electric vehicle market, as automakers globaly attempt to take advantage of increased demands for sustainable transportation options. Government initiatives that promote electric mobility and an increasingly accessible Mexican market have made it an attractive market for EV manufacturers.

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Through these strategic moves, BYD seeks to strengthen its local presence within the Mexican automotive ecosystem and accelerate the adoption of electric vehicles (EVs) within the country region. It is a very big invest in the Mexico’s EV market in the near future and the company is committed to local manufacturing and its ambitious sales targets.