BYD launches hybrid pickup “Shark” in Mexico amid U.S. tariff hikes

Chinese automaker BYD unveiled its latest offering, the Shark—a mid-size hybrid-electric pickup truck—in Mexico on Tuesday. This move comes as the company’s regional chief dismisses new U.S. tariff hikes on Chinese electric vehicles (EVs), stating that BYD has no immediate plans to enter the U.S. market.

The introduction of the Shark strengthens BYD’s position in the North American market, directly targeting established players like Ford, General Motors, and Toyota. The vehicle is currently only available in Mexico, marking the first time the world’s largest electric vehicle maker has launched a new product outside of China.

Stella Li, Chief of Americas for BYD, highlighted Mexico’s rapid pickup truck market growth as a key factor in selecting the country for the Shark’s debut. She emphasized that the U.S. tariff hikes will not affect BYD’s plans, as the company intends to build a manufacturing plant in Mexico, focusing primarily on the Mexican and other Latin American markets.

BYD’s plant in Mexico, which is expected to have a capacity of 150,000 vehicles per year, is in the final stages of site selection. Li stated that a decision on the plant’s location is expected by the end of the year, with construction estimated to take two to three years.

The presence of Chinese automakers in Mexico has surged since 2017, with one out of every ten cars sold in Mexico last year being from a Chinese automaker. MG Motors, a unit of SAIC, currently dominates nearly half of the Mexican market. However, Mexico’s federal government has been cautious in its approach, refusing to offer incentives such as low-cost public land or tax cuts for investment in EV production.

Li mentioned that BYD has not yet discussed incentives with Mexico’s federal government, citing the upcoming elections in June. However, she expressed confidence that both the central government and individual states would offer attractive incentives to secure BYD’s investment, considering the technological advancements and local job creation the plant would bring.

The Shark will compete with established models like the Toyota Tacoma and Ford Ranger in Mexico. Despite its competitive features, such as a range of up to 100 km in EV mode and a total range of up to 840 km using both electric and combustion methods, the Shark comes with a higher price tag compared to its competitors, starting at 899,980 pesos ($53,442.68) for the Shark GL and 969,800 pesos ($57,588.73) for the premium Shark GS. The pickup also boasts a fuel consumption rate of 7.5 litres per 100 km (31.4 mpg).

Read more on BYD’s profit suffers amid fierce price war in China’s EV market