So will the US ever see a BYD Shark pickup truck if it does not reduce EV tariffs again?
Chinese automaker BYD recently launched the Shark, a hybrid pickup truck, in Mexico. This move solidifies the brand’s presence in the North American market, targeting competitors like Ford, General Motors, and Toyota. Following the recent U.S. tariff hikes on Chinese EVs, the brand’s regional chief emphasised that the company doesn’t plan to enter the U.S. market.
The Shark is exclusively available in Mexico, marking the first time the world’s largest electric vehicle (EV) maker has debuted a new product outside China. BYD chose Mexico due to the rapid growth in demand for pickup trucks, according to regional chief, Stella Li.
Moreover, the unveiling coincided with the U.S. President Joe Biden’s announcement of significant tariff increases on Chinese imports, including a quadrupling of duties on Chinese EVs to over 100 percent. U.S. Trade Representative Katherine Tai later mentioned potential tariffs on Mexican imports.
In response, Li stated that the U.S. tariff hikes have no effect on BYD, as the company is focused on the Mexican market and other international markets, excluding the U.S. BYD is planning to build a plant in Mexico, with a shortlist of potential sites and a final decision expected by the end of the year.
The plant, projected to have an annual capacity of 150,000 vehicles, will also take two to three years to complete. The presence of Chinese automakers in Mexico has surged since 2017, with one in ten cars sold last year being from a Chinese brand, predominantly MG Motors, a unit of SAIC.
On top of that, Reuters previously reported that Mexico’s federal government is under U.S. pressure to avoid offering incentives such as low-cost public land or tax cuts to Chinese automakers for EV production. Li mentioned that BYD has not yet discussed incentives with Mexico’s federal government due to the upcoming elections in June.
The BYD Shark will compete in Mexico with models like the Toyota Tacoma and Ford Ranger but is priced higher, starting at 899,980 pesos (roughly RM250,696) for the Shark GL and 969,800 pesos (about RM270,144) for the premium Shark GS.
We got this information from Reuters and their full article is linked here. We also got these images from AutoEvolution. Thank you Reuters and AutoEvolution for the information and images.
