Chinese carmaker BYD looking for Mexico plant location, executive says
By Daina Beth Solomon
MEXICO CITY (Reuters) -Chinese electric carmaker BYD (SZ:002594) is looking for a location in Mexico to set up a factory aimed at boosting the company's share in the local market, Stella Li, BYD Americas CEO told Reuters on Wednesday.
The company expects to choose a location for the plant, which is set to have a capacity of 150,000 cars annually, at the end of the year, Li said.
BYD has been meeting with officials from different Mexican states, she added, while sharing that sales in Mexico are doubling monthly.
The Chinese company has been selling cars in Mexico for less than a year.
Company executives announced earlier in the day that BYD will begin selling its Dolphin Mini electric vehicle (EV) in Mexico at a starting price of 358,800 pesos ($20,990).
At a launch event in Mexico City, Li said the car aims to mix technology and a price point in reach of Mexican consumers.
«It's affordable… So every Mexican can bring their first electric car home,» she said.
BYD outpaced rival Tesla (NASDAQ:TSLA) in EV sales in the fourth quarter and has considerably cut prices on its latest models in China.
($1 = 17.0941 Mexican pesos)
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