BYD, which overtook Tesla as the top electric car producer in sales in the previous quarter, launched a feasibility study for the new factory in Mexico.
Chinese company BYD is considering setting up a production plant in Mexico, as the electric vehicle (EV) maker aims to establish an export center to the United States.
BYD, which overtook bigger rival Tesla as the top EV producer in sales in the previous quarter, launched a feasibility study for the new factory and is negotiating with government officials at various levels over the location and other terms, Nikkei reported.
The Chinese firm, which has its sales concentrated in the Asian giant, aims to expand its global presence and is building new plants abroad, in addition to expanding exports from China.
“Overseas production is essential for an international brand,” Ray Zou, president of BYD Mexico, told Nikkei.
In Brazil, BYD plans to spend 3 billion reais (about 605,94 million dollars) to build a plant, Nikkei detailed.