- BYD Co, Ltd (OTC:BYDDF) (OTC:BYDDY) is scheming a big push into battery-electric commercial vehicles.
- Over the next three years, the Tesla, Inc (NASDAQ:TSLA) rival plans to introduce new commercial-vehicle models in markets including China, Europe, and Japan, the Wall Street Journal reports citing familiar sources.
- The report adds that the Chinese EV maker has a budget of over $20 billion for its commercial-vehicle unit through 2025, with significant outlays planned for research, product development, and expansion of production capacity.
- Also Read: Warren Buffett Backed Chinese EV Player BYD Sees Strong Jump In 2022 Profits
- The industry sees non-battery technologies like hydrogen fuel cells as a better fit for bulkier trucks, especially those traveling long distances. BYD expects to tap the trend with its in-house battery.
- BYD's blade batteries contain several long, flat blade-like cells slid into a battery pack. This structure, BYD says, maximizes the use of space and energy density while minimizing overall vehicle weight.
- In January and February of this year, BYD sold 2,774 commercial vehicles other than buses, more than ten times the figure in the same period a year earlier.
- The report notes that this move to expand in commercial vehicles could help BYD counteract potentially slower growth in passenger EV sales.
- BYD expects commercial-vehicle sales to recover in China after the country ended strict COVID-19 curbs.
- Warren Buffett-backed EV maker also has an eye on global markets. One country where BYD has relatively little hope is the U.S. because of recent geopolitical tensions with China.
- Price Action: TSLA shares traded lower by 0.74% at $186.32 in premarket on the last check Wednesday.
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