BYD, a Chinese electric vehicle giant, has taken the Mexican market by storm, accounting for around 70% of electric and plug-in hybrid sales. The company's aggressive expansion strategy is paying off, with sales nearly doubling last year.
BYD's success has caught American and Japanese automakers off guard, who continue to offer outdated gas and hybrid vehicles. As Canada opens its doors to Chinese EVs, BYD may be looking north to drive growth in 2026.
The company's lower prices have been a key factor in its success, with the Dolphin Mini costing $2,000 less than its closest competitor. With fewer than 500 Chinese EVs and PHEVs shipped to Mexico in 2021, the market has grown significantly, reaching nearly 100,000 units last year.
BYD's president of BYD America, Stella Li, notes that every time they have a weekend event, it's packed with customers who dream of owning their own BYD car. The company's success has prompted lawmakers to propose tariffs on imports from non-free-trade partners, including Chinese vehicles.
However, BYD believes it can absorb the costs and wouldn't raise prices by more than 15,000 pesos ($8,700). 1% each year, BYD may soon expand its operations to another North American market.
BYD's success in Mexico is a testament to the company's ability to adapt and innovate in the rapidly evolving electric vehicle market. Its focus on offering competitive pricing has been a key factor in its dominance.
