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China's BYD has no plans to challenge Tesla in U.S. anytime soon - Automotive News - 03-29-2023
China's BYD has no plans to challenge Tesla in U.S. anytime soon
<p>BYD Co. doesn't have any current plans to enter the U.S. passenger car market, founder Wang Chuanfu said, throwing cold water on the prospect of the Chinese <a href="https://www.autonews.com/topic/electric-vehicles" target="_blank">electric-vehicle</a> maker challenging Tesla Inc. in its home market — for now.</p>
<p>The auto titan, which reported that net income more than quintupled last year after it sold a record number of EVs, said at a post-earnings briefing on Wednesday that its home market of China has already entered a "full-expansion phase" for new-energy vehicles.The US is the next biggest EV market after China, where a price war has erupted between BYD, Tesla and other EV makers. Backed by Warren Buffett, <a href="https://www.autonews.com/china/byd-trims-shifts-2-ev-factories-china-report-says" target="_blank">BYD</a> has been expanding its footprint overseas, including into Norway, Denmark, the UK, Thailand and Australia. Wang predicted that the development of clean-energy vehicles will lead to a reshuffling within the global auto industry.</p>
<p>Given that BYD isn't entering the U.S. passenger EV market for now, Wang doesn't foresee any impact from President Joe Biden's <a href="https://www.autonews.com/manufacturing/inflation-reduction-act-bears-fruit" target="_blank">Inflation Reduction Act</a>, which offers generous incentives for selling EVs but has stringent requirements on manufacturing and supply-chain sourcing. Final details of the legislation, passed into law last year, are due to be released on Friday.</p>
<p>BYD sold 1.86 million electric and plug-in hybrids in 2022, more than the previous four years combined. It accounted for about 30% of all new-energy vehicle sales in China, with half of them battery-only EVs. In comparison, Tesla delivered 1.31 million EVs globally.</p>
<p>BYD stopped producing cars powered entirely by fossil fuels last year.</p>
https://www.autonews.com/china/chinas-byd-not-planning-selling-us-anytime-soon