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Chinese electric vehicle manufacturer BYD Co., Ltd. (OTC:BYDDY) (OTC:BYDDF) has reportedly reduced its shortlist of potential locations for a new manufacturing plant in Mexico to three states. It is currently evaluating various incentive proposals from each.
Jorge Vallejo, BYD’s Mexico Director General, told Reuters that the company is examining the latest proposals from the candidate states, which include numerous benefits such as fiscal incentives, land offers, management support, and preferential pricing, the media house reported.
“A plant is not only about having the space, but the logistics, all the development, urban infrastructure that is generated, water, gas, everything that is needed for an automotive plant,” he said. “There are many elements, even logistical, that we are analyzing together with them,” Reuters quoted Vallejo.
Also Read: Tesla’s Chinese Rival BYD Set To Electrify Pakistan: To Open New EV Plant and Showrooms
Mexico’s federal government, facing pressure from the U.S., is distancing itself from Chinese automakers by withholding incentives like low-cost public land or tax cuts for EV production, Reuters reported in April, quoting Mexican officials.
Vallejo did not disclose the states offering incentives, but BYD Chief of Americas Stella Li mentioned in May that the plant will be centrally located in Mexico.
Following the unveiling of BYD’s Song Pro plug-in hybrid SUV in Mexico, Vallejo stated that the company has not yet determined which models will be produced at the new plant.
The facility will initially produce 150,000 units, with a second phase adding another 150,000 units, ultimately reaching a total capacity of 400,000 to 500,000 units in a few years, per the report.
Vallejo emphasized that the plant will cater to the Mexican market, with no current plans for entry into the U.S. market, Reuters added.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
