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China’s top electric vehicle maker, BYD Co., Ltd. (OTC:BYDDY), reportedly will not launch a significant investment in Mexico until after the U.S. election.
This is because dwindling American policies prompt global businesses to adopt a wait-and-see approach, reported Bloomberg, citing people familiar with the matter.
BYD had plans surrounding three locations for a car production facility in Mexico but has ceased vigorously looking for now, the report added.
The postponement is essentially because BYD would choose to delay and notice the outcome of the race between former President Donald Trump and Vice President Kamala Harris in early November.
They added that BYD’s halted factory plans may still be rejuvenated or could change, and no final judgment has been made.
Also Read: Warren Buffett-Backed BYD Join Forces With Huawei For Advanced Autonomous Driving In Off-Road EVs
One site that was under review was around the city of Guadalajara, which emerged over the past decade as a technology hub sometimes described as Mexico’s Silicon Valley. BYD sent a panel to the area for a visit in March, Bloomberg added.
In February, Stella Li, BYD’s executive vice president, attended the launch of the automaker’s Dolphin Mini model in Mexico City, while senior management hosted an event at a BYD-sponsored box during the Formula E Mexico City E-Prix in January.
Mexico has experienced a surge in investment announcements from both Chinese and Western auto manufacturers, including Tesla Inc. However, Tesla’s planned mega-factory was put on hold in July due to uncertainties surrounding the U.S. election. Republican nominee Trump, who has been endorsed by Tesla CEO Elon Musk, has frequently threatened tariffs on products made in Mexico.
Tesla had proposed building the plant in the northern state of Nuevo Leon, with an estimated $10 billion investment over multiple phases, Bloomberg added.
The Biden administration is closely monitoring any efforts by Chinese companies to export cars from Mexico to the U.S. and is exploring measures to block such moves if they attempt to bypass tariffs on EVs made in China, according to U.S. Trade Representative Katherine Tai in a May interview, Bloomberg added.
Image via Shutterstock
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