Chinese EV Giant BYD Inches Closer To American Shores With Caribbean Dealership

Author: Anan Ashraf | June 05, 2024 08:16am

Chinese EV maker BYD Co (OTC:BYDDY) (OTC:BYDDF) opened its first dealership in the Caribbean late last month, aggravating fears of it entering the U.S. market with its loss-cost EV offerings.

What Happened: The new dealership is located in the Republic of Trinidad and Tobago. Over 200 people attended the opening event on May 30, including Fang Qiu, Ambassador of the People’s Republic of China to Trinidad and Tobago, and Randall Mitchell, the Minister of Tourism, Culture, and the Arts of the Republic of Trinidad and Tobago.

The EV maker delivers across six continents, and over 70 countries and regions. However, it doesn’t sell its electric cars yet in the U.S. market.

Why It Matters: BYD has often reiterated that it does not intend to enter the U.S. market. U.S. automakers, however, are concerned, particularly after the company started exploring potential sites for a plant in the neighboring country of Mexico. BYD’s cheap EV offerings undercutting those from American EV makers, they say, will bring down the market share of American EV makers.

Last month, President Biden slapped massive tariff hikes on new Chinese imports, including a 100% bump-up on electric vehicles made in China to prevent market flooding and protect American auto manufacturers.

BYD, backed by Warren Buffett, took over Tesla as the world's biggest battery EV seller by volume in the last quarter of 2023, only to return the crown in the last quarter.

While Tesla delivered 386,810 battery electric vehicles in the first quarter, BYD sold only 300,114 units. However, the Chinese company also makes plug-in hybrid vehicles, unlike Tesla, taking its overall passenger vehicle sales to 624,398 units.

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