EqualOcean has learned that Chinese electric vehicle manufacturer BYD(比亚迪) plans to finalize the site for its Mexican factory by the end of 2024, with an expected annual output of up to 150,000 vehicles. Stella Li, the company's head for the Americas, revealed that the factory will be located in central Mexico and is expected to take two to three years to construct.
Earlier, in March, BYD dispatched a delegation to invest in and construct a new electric vehicle factory in the state of Jalisco, Mexico, and held talks with local economic development officials. The previous discussions involved collaboration opportunities between BYD and the state of Jalisco, including establishing connections with Chinese suppliers such as Haitian International in the region. Insiders disclosed that BYD's total investment in Mexico is estimated at around USD 600 million. In a statement, BYD announced plans to introduce the Dolphin Mini model in Mexico and explore business opportunities in multiple states to promote technological innovation.
Since 2023, BYD has accelerated its overseas factory construction pace. Last year, BYD planned to establish a new energy vehicle production base in Szekesfehervar, Hungary, marking its first new energy passenger car factory in Europe. Additionally, BYD intends to collaborate with the government of Bahia, Brazil, to establish a large-scale production base complex consisting of three factories in the city of Camacari, with a total investment of approximately BRL 3 billion (about CNY 4.5 billion), scheduled to commence production in the second half of 2024.
BYD Chairman Wang Chuanfu(王传福) previously stated, "The focus in 2023 will be on globalization, and BYD has advanced its globalization strategy through exports and local production."
EqualOcean has learned that in 2023, China's automotive exports reached a new high, becoming a significant driver of the growth in automotive production and sales. According to statistics from the China Association of Automobile Manufacturers, China exported 4.91 million vehicles in 2023, a year-on-year increase of 57.9%, contributing 55.7% to the overall increase in automotive sales.
In the full year of 2023, BYD achieved operating income of CNY 602.315 billion, a year-on-year increase of 42%; net profit attributable to shareholders was CNY 30.04 billion, an increase of 81% year-on-year. BYD sold 3.024 million vehicles throughout the year, a year-on-year increase of 62%, becoming the champion in global new energy vehicle sales and entering the top ten in global automotive sales for the first time.