China’s BYD plans a new electric vehicle factory in Mexico, Nikkei says

China’s BYD is considering opening a factory in Mexico as the electric vehicle maker aims to create an export hub for the United States.

BYD, which overtook rival Tesla Inc as the largest electric vehicle maker in terms of sales in the previous quarter, has released a feasibility study for the new factory and is negotiating with government officials at various levels over the location and other terms, he said. Nikkei reported.

The Chinese company, which concentrates its sales in the Asian giant, aims to expand its global presence and is building new factories abroad, as well as expanding exports from China.

“Manufacturing abroad is indispensable for an international brand,” Zhou Zou, CEO of BYD Mexico, told Nikkei.

In Brazil, BYD plans to spend 3 billion reais to build a factory, Nikkei reminded.

Source: Terra

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