BYD Mexico plant delayed by China over US security concerns- FT

Investing.com-- BYD’s plans to build a Mexican plant are likely to be delayed by Chinese authorities, the Financial Times reported on Wednesday, amid concerns that the electric vehicle maker’s technology could leak into the U.S.

China’s commerce ministry is expected to delay approving BYD’s Mexico plant, the FT report said, citing two people familiar with the matter.

BYD (SZ:002594) had first announced plans for a Mexico plant in 2023, along with an intent to make cars in South America and Asia. 

The delayed approval also comes amid souring U.S.-China relations, especially after U.S. President Donald Trump imposed 20% tariffs on Chinese goods. Beijing had decried the move and responded with its own tariffs and export controls. 

BYD is a major competitor for Tesla (NASDAQ:TSLA), both in China and several European markets. The company in 2024 overtook Tesla in Chinese markets, and also beat Elon Musk’s firm to the punch in releasing smart driving software for several of its low-cost models. 

BYD on Tuesday claimed that it had developed a fast-charging EV technology that could charge EVs almost as quickly as it takes to refuel a gasoline car. 

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