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Warren Buffett-backed Chinese EV maker BYD Co (OTC:BYDDY) (OTC:BYDDF), is preparing for the global debut of its first pickup truck, the BYD Shark, in Mexico on May 14.
What Happened: As reported by CnEVPost, the BYD Shark is BYD’s first new model to debut overseas in recent years. The company announced the launch on Weibo.
The decision to launch the BYD Shark in Mexico indicates the company’s focus on foreign markets, as pickup trucks in China are classified as light vans and face numerous restrictions compared to regular passenger cars.
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With its larger size compared to the Toyota Hilux, the BYD Shark is built on BYD’s DMO platform, introduced when the company launched the Fang Cheng Bao sub-brand for the off-road market in August 2023.
BYD’s move mirrors the actions of other local automakers like Geely, which launched its first model, the RD6 electric pickup truck, under the Radar brand in July 2022.
Why It Matters: BYD last month revealed the name of its electric pickup truck, a potential challenger to Tesla’s Cybertruck, and said it would come equipped with a plug-in hybrid system.
BYD’s move into the pickup truck market is part of a broader strategy to diversify its product offering. This was evident when BYD unveiled its premium brand’s first sedan at the Beijing auto show, directly challenging luxury automakers like Mercedes-Benz.
A leading U.S. manufacturing lobby group has issued a stark warning, describing the entry of Chinese EV makers into the American market as a potential “extinction-level event” for the U.S. auto sector. Despite tariffs preventing Chinese automakers from entering U.S. roads thus far, the lobby group has raised alarms about Chinese firms’ investments in plants in nearby Mexico, which could facilitate easier access to the U.S. market.
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