On Wednesday, BYD said it still plans to grow in North and South America, but it doesn’t know when. It gave no indication which markets it plans to target first or how large its investments might be. Stella Li, BYD’s executive vice president, told Bloomberg that rising geopolitical tensions are forcing carmakers to rethink their overseas strategies. “Geopolitical issues have a big impact on the automotive industry,” she said. “We want to wait for more clarity before making our decision.” In September, Bloomberg reported that BYD would delay announcing any major plant in Mexico until after the U.S. presidential election on November 5, 2024. Then in March, Mexico’s President Claudia Sheinbaum said BYD still hadn’t made a formal investment offer. Part of the hold-up is a 25% tariff on vehicles shipped from Mexico to the United States, a levy introduced under President Donald Trump. That fee has squeezed automakers, both domestic and foreign, and prompted some to pass costs on to buyers or to offer temporary discounts. Industry executives say that such high tariffs often erode profit margins and make long-term planning difficult. Automakers have taken varied paths to cope. Several brands have cut prices to protect customers from possible hikes, while others tack on extra import surcharges for cars built abroad. Stellantis and Nissan, for instance, have scaled back output at their Mexican factories amid the trade uncertainty. BYD responds to labor scandal by slowing international push BYD’s Brazil plant project stalled in December when Brazilian labor authorities accused the main contractor of keeping more than 160 workers in slave-like conditions, seizing passports and withholding pay. BYD said it moved those laborers into hotels, conducted a thorough review of living and working arrangements for subcontracted staff, and repeatedly pressed its contractor to resolve the problems. Reflecting on the episode, Li said the company would temper its growth pace. “We should slow down, step back from the focus on speed. We need to work more with local companies,” she said. “It will take longer, but that’s OK.” BYD is making a strong push into the European market. Stella Li, the company’s executive vice president and its main international spokesperson said last month “If you’re winning here, it means you’re super good in every angle.” She shared BYD is prepared to invest as much as $20 billion in Europe. The company has already moved away from using outside importers, has taken charge of its own shipping operations, and has stocked its showrooms with more affordable, compact vehicles aimed at local buyers. In China and Europe, companies like BYD, Xpeng, Xiaomi, and Nio sell more cars than Tesla by offering lower prices. BYD expects to sell over 5 million cars by 2025. In April it outsold Tesla in European EV deliveries for the first time. Those results have helped lift BYD’s share price by 38% so far in 2025, as investors reward its battery know-how, competitive pricing and global push. EV demand in China delays Xiaomi’s global expansion Moreover on Wednesday, Xiaomi said it will not consider exporting its electric vehicles until 2027. CEO Lei Jun told viewers in a livestream that the company must satisfy high domestic demand for its SU7 sedan and its newly launched YU7 SUV before looking abroad. The decision to delay overseas shipments underlines Xiaomi’s need to fulfill strong domestic orders before stretching its production capacity. The SU7 has outsold Tesla’s Model 3 each month since December, and the YU7 drew heavy orders in the first 18 hours after going on sale last Thursday. That rush pushed Xiaomi’s stock to a record high. Lei Jun introduced the YU7 at a Beijing launch event on May 22, 2025. He later warned customers to expect waits of more than a year before taking delivery, prompting fresh complaints. When asked about plans to boost output, he replied only, “We’ll strive to ramp up capacity,” without offering further details. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites
