BYD said it will sell cars in Mexico next year, with an executive setting its 2024 sales target at as many as 30,000 vehicles, Reuters reported.
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BYD will start selling all-electric versions of its Tang SUV and Han sedan next year through seven dealers in Mexico, the company’s Mexico head Zou Zhou said. A million vehicles, reaching 20,000 to 30,000 in 2024, adding that the company’s long-term goal is to reach about 10% of the total market share.
Only 4.5 percent of the cars sold in the first eight months of this year were hybrids, or about 31,000 out of a total of nearly 693,000, according to the Mexican Association of Automobile Manufacturers.
While BYD declined to disclose how much its vehicles cost in Mexico, Zou Zhou emphasized that “we are an affordable brand for all.” Few Mexicans make more than $10,000 a year, according to the country’s statistics agency.
Zou Zhou also said the company aims to sell cars through 15 franchised dealerships in Mexico by the end of 2023 and 40 by 2024. Mexican department store chain Liverpool will also sell the cars, BYD said.
Mexico, as a major car production center, is currently hoping to make electric cars more affordable by cutting sales taxes and import duties. In recent months, officials in Mexico have said the country is on track to meet its goal of shifting 50 percent of its auto production to electric vehicles by 2030.