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Prominent Chinese electric vehicle manufacturer BYD Company (OTC:BYDDY) is planning to penetrate the Canadian automotive market, according to a regulatory filing submitted earlier in July, Reuters writes.
This move is amidst discussions by Canadian authorities about potentially imposing tariffs on Chinese-imported vehicles.
Canada is contemplating following the United States and the European Union in levying tariffs on Chinese electric vehicles.
This strategy aims to counter what the West perceives as China’s excessive subsidies to its EV industry.
In June, Canadian officials announced a month-long public consultation period, starting July 2, to evaluate the country’s response., reported Reuters.
The Ottawa public consultation event highlighted “China’s unfair support for the EV sector, if left unchecked, could lead to an exponential surge of imports that will adversely affect planned EV investments and the transformation of Canada’s automotive sector.”
Also Read: BYD Poised To Surpass Tesla In EV Sales As US And Europe Demand Wanes
BYD Canada representatives’ meetings with government officials have not been precisely dated in the document.
Although the filing did not outline a specific timeline for BYD’s Canadian market plans, it did address the potential tariffs on EVs and the company’s intentions to introduce passenger electric vehicles in Canada.
In May, BYD launched the Shark, a mid-size hybrid-electric pickup truck, in Mexico. Despite the new U.S. tariffs on Chinese EVs, BYD’s regional chief emphasized that the company is not targeting the U.S. market.
BYD shipped nearly 1 million electric and hybrid cars in the second quarter, driven by aggressive discounts in China.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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