Chinese EV Maker BYD Eyes $20B BEV Push In Markets Including China, Europe And Japan: Report

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  • BYD Co, Ltd BYDDF BYDDY is scheming a big push into battery-electric commercial vehicles.
  • Over the next three years, the Tesla, Inc 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.
  • Photo Via Company
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