The race to become the world’s biggest EV maker was intense in 2023, with Tesla coming out on top with 1.81 million vehicles delivered. BYD came in second (discounting its PHEVs), with the bulk of its EVs produced and sold in China.
If BYD’s Mexican plant pushes through, the company will benefit from lower tariff costs as part of the US-Mexico-Canada Agreement. With assembly in North America, a break from the Inflation Reduction Act could also be expected if every battery component is sourced from within the US or one of its trade partners.
Of course, a new company entering the market will likely offer other financial incentives to help get the first few examples out the door, and after that, the products should speak for themselves.