Chinese EV giant BYD to unveil plug-in Hybrid pickup in Mexico

BYD Co., the leader in electric vehicles in China, plans to debut its first truck in Mexico, next door to the world’s largest pickup market. 

BYD is set to unveil its Shark plug-in hybrid truck Tuesday at an event in Mexico City, the company said in an agenda alert issued ahead of the event. While BYD has said previously the Shark will be distributed globally, the automaker doesn’t have any plans to sell in the US — the biggest single market for pickups — at the moment.

Other details such as the Shark’s price, performance specifications and production location also have yet to be revealed.  

The launch comes as Chinese auto brands’ market share has surged in Mexico and at a time when US President Joe Biden’s administration is preparing to quadruple tariffs on imports of EVs made in China. Chinese brands account for about 87% of EV sales in South America and 20% in Mexico, according to BloombergNEF.

While BYD passenger vehicles aren’t currently available in the US, the automaker has been pushing into markets across Asia, including Australia, and Latin America, where pickups are popular. Truck sales in those regions are dominated by models such as Toyota Motor Corp.’s Hilux and Ford Motor Co.’s Ranger, which also offer hybrid versions in some markets. 

It’s unusual for a Chinese brand to unveil a new vehicle outside of its home market, and the move shows Mexico’s growing importance to BYD and other automakers based in China, where growth has slowed. BYD is considering building an EV plant in Mexico, Bloomberg reported earlier this year. 

The Shenzhen-based EV giant makes a wide range of mass market models, including an entry level EV for less than $10,000 and an all-electric supercar for upwards of 1.68 million yuan ($232,000). BYD dominates China’s EV market and it briefly became the world’s biggest seller of EVs, overtaking Tesla Inc., in the fourth quarter of 2023.