BYD Unveils Shark Pickup Truck in Mexico, Dismisses U.S. Market Concerns

On Tuesday, Chinese automaker BYD launched the Shark, a mid-size hybrid-electric pickup truck, in Mexico. This launch marks a significant milestone as it is the first time BYD has introduced a new product outside China. 

The Shark is positioned to compete with established brands like Ford, General Motors, and Toyota in the North American market, mainly focusing on Mexico.

Market Strategy:

BYD’s Chief of Americas, Stella Li, emphasized Mexico’s strategic choice due to the rapidly growing demand for pickup trucks in the country. 

This launch aligns with BYD’s strategy to strengthen its presence in North America without entering the U.S. market, especially amidst recent tariff hikes by the U.S. government.

Response to U.S. Tariffs:

The launch occurred shortly after U.S. President Joe Biden announced significant tariff increases on Chinese imports, including EVs, which were quadrupled to over 100%. 

Despite this, Li stated that BYD is not affected by these tariff hikes as the company has no current plans to enter the U.S. market. Instead, BYD’s focus remains on Mexico and other international markets.

Future Plans in Mexico:

BYD plans to establish a manufacturing plant in Mexico with a capacity of 150,000 vehicles per year. The plant’s location has yet to be finalized, with a decision expected by the end of the year. 

Construction is projected to take two to three years. This expansion is part of BYD’s broader strategy to enhance its manufacturing capabilities and cater to the growing demand in Mexico and beyond.

Growing Chinese Presence in Mexico:

Chinese automakers have significantly increased their market share in Mexico since 2017. BYD’s entry with the Shark aims to capture a portion of this expanding market. 

The company has not yet engaged with Mexico’s federal government regarding incentives but expects substantial support due to the technological advancements and job creation the new plant will bring.

Competitiveness of the Shark:

The Shark pickup will compete directly with models like the Toyota Tacoma and Ford Ranger. Priced between 899,980 pesos ($53,442.68) for the Shark GL and 969,800 pesos ($57,588.73) for the premium Shark GS, it is costlier than many competitors. 

However, BYD highlights its technological advantages, including the ability to travel up to 100 km in EV mode and up to 840 km using electric and combustion methods. The Shark also boasts a fuel consumption rate of 7.5 liters per 100 km (31.4 mpg).