BYD is looking to enter the Canadian auto market, although the North American country is considering tariffs on EVs from China.
BYD (HKG: 1211, OTCMKTS: BYDDY) is preparing to enter the Canadian auto market, despite the North American country considering tariffs on electric vehicles (EVs) from China.
BYD is looking to enter the Canadian auto market, Reuters said in a report yesterday, citing a regulatory filing made earlier this month.
It's unclear when representatives from BYD Canada, the Canadian subsidiary of the Chinese new energy vehicle (NEV) maker, met with government officials, the report noted.
While the filing did not specify a timeline for BYD's plans, it did discuss the possibility of potential application of tariffs on EVs, as well as BYD's plans to begin selling passenger EVs in Canada, according to the report.
Separately, according to a report by Automotive News yesterday, BYD recently hired lobbyists to advise it on entering the Canadian market for the sale of passenger EVs, establishing a new business, and responding to the possible imposition of EV tariffs.
In addition, BYD has begun approaching Canadian auto dealers in preparation for establishing sales channels, according to Automotive News.
The Canadian government launched a 30-day consultation on July 2 to discuss imposing restrictions, including additional tariffs, on EVs imported from China, following moves by the US and the European Union.
The consultations are intended to solicit input on potential policy responses, including the imposition of a surtax, as well as possible additional measures such as adjustments to the federal Incentives for Zero-Emission Vehicles (iZEV) program and investment restrictions, according to a July 2 statement from Canada's Department of Finance.
The US government announced plans in May to nearly quadruple tariffs on Chinese-made EVs, with the final rate as high as 102.5 percent.
BYD currently has factories in the US that make electric buses and trucks, but has yet to enter the country's passenger car market. BYD executives have said several times before that the company has no current plans to enter the US passenger car market.
In Mexico, BYD launched its first pickup truck model, the BYD Shark, in May, a rare instance of it making a new model debut in an overseas market.
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