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BYD Explores Canadian Market Amid Tariff Considerations
2024-07-31 05:50:09
Automotive
Business

BYD Explores Canadian Market Amid Tariff Considerations

Chinese EV maker BYD from Shenzhen eyes Canadian entry despite potential tariffs on Chinese EVs. BYD Canada engages with officials while unveiling the Shark pickup truck in Mexico.

Canada mulls alignment with allies against Chinese industry subsidies. BYD remains undeterred by US tariff hikes on Chinese EVs, emphasizing its market expansion strategies.

Related news on that topic:

Uber Signs Contract with Chinese Automaker BYD for 100,000 ... Electric Vehicles

Uber has signed a contract with Chinese automaker BYD for 100,000 electric vehicles to be used by Uber drivers in various countries. The electric cars will initially be deployed in Europe and Latin America, with Uber drivers benefiting from discounts on the purchase or rental of BYD vehicles, as well as at charging stations and for insurance. Uber CEO Dara Khosrowshahi stated that switching to electric cars can significantly reduce greenhouse gas emissions for Uber drivers, as they are frequently on the road. Uber plans to exclusively use electric cars in Europe and North America by 2030. However, the BYD cars will not be delivered to the United States due to high tariffs on Chinese vehicles. BYD is a dominant player in the Chinese electric car market and has surpassed Tesla for two consecutive years.

China's EV Market Dynamics and Global Expansion

China's premium electric vehicle (EV) sales are thriving with Li Auto, Xpeng, Nio, and Zeekr reporting strong performances in July. However, a price war led by BYD has squeezed profits, cutting prices significantly. China's dominance in the EV market is evident as the country accounts for around 60% of global EV sales, with an adoption rate of 48.4% in June. Meanwhile, Malaysia has launched the Proton e.MAS7 EV as Chinese EV manufacturers target the market, driving Southeast Asia's EV sales up. Additionally, Uber and BYD have formed a partnership to deploy 100,000 EVs in Europe and Latin America, expanding BYD's global presence. The collaboration includes favorable pricing and financing for drivers, as BYD continues its global expansion with plans for autonomous-capable EVs.

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The press radar on this topic:

Business - South China Morning Post
30. Juli 2024 um 21:16

China’s BYD explores Canadian car market entry, regulatory filing shows | South China Morning Post

Politics
Economy
BYD, a Chinese EV maker based in Shenzhen, is exploring entry into the Canadian automotive market. Canada is considering imposing tariffs on Chinese-made EVs to align with allies against subsidized Chinese industry. BYD Canada, the company's Canadian unit, has met with government officials. BYD unveiled the Shark, a mid-size hybrid-electric pickup truck, in Mexico. Canada opened a month-long public consultation period on July 2 to weigh its response. BYD's regional chief brushed off new US tar..
Yahoo News
30. Juli 2024 um 20:19

China's BYD explores Canadian auto market entry -regulatory filing

Politics
Economy
Chinese EV maker BYD is exploring entry into the Canadian automotive market, even as Canada considers imposing tariffs on Chinese-made EVs to address China's unfair EV support. BYD's Canadian unit has met with government officials, though the timeline of their plans is unclear. Meanwhile, BYD has brushed off new U.S. tariff hikes on Chinese EVs. (Reporting by Akash Sriram in Bengaluru and Divya Rajagopal in Toronto; Editing by Tasim Zahid)
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