BYD Chairman Confirms Again No Plan to Enter U.S. Passenger Car Market

News on June 13, according to the editor's understanding, BYD Executive Vice President Li Ke recently expressed his views on the new US climate bill "Inflation Reduction Act", believing that the bill will increase the cost of American consumers purchasing electric vehicles. Regarding BYD's sales of electric vehicles in the United States, she made it clear that it is not currently considering entering the U.S. market and hopes to explore growth plans in markets such as Mexico, Chile and Thailand.

Previously, BYD Executive Vice President Li Ke once said that the "Inflation Reduction Act" poses an obstacle to the popularity of electric vehicles in the United States. He hopes that the U.S. government can modify relevant measures and at least allow Chinese suppliers to participate in certain links. She said that BYD currently has no plans to sell cars in the United States, but will continue to invest in electric school buses and battery components. For the consumer automotive segment, the company has yet to make a decision.

BYD Chairman Wang Chuanfu once again reiterated that at the 2022 results conference, the company has no plans to enter the U.S. passenger car market. This means that BYD's main target in 2023 is still the domestic market, striving to stabilize its position in the domestic new energy vehicle market and further expand its production and sales scale. Wang Chuanfu revealed that BYD's car sales hit a record high last year, its net profit increased more than five times, and it continues to maintain strong momentum in the electric vehicle market.

BYD’s 2022 financial report data was released. The company achieved revenue of 424 billion yuan, a year-on-year increase of 96%. The net profit attributable to the parent company reached 16.6 billion yuan, a year-on-year increase of 446%; the net profit after deducting non-recurring gains and losses was 15.6 billion yuan, a year-on-year increase of 1146%. Maintaining its top position in new energy sales, the annual sales volume of new energy vehicles reached 1.863 million units. At the same time, BYD's automobile-related business gross profit margin reached 20.39%. This report card can be called the most eye-catching one in BYD's history.

According to the editor’s understanding, based on the above situation, when facing the impact of the new US climate bill, BYD made it clear that it does not plan to enter the US market, but will continue to expand its new energy vehicle business in the domestic market. With the significant growth in performance last year, BYD continues to maintain its competitive advantage in the electric vehicle market and will continue to be committed to the development and promotion of new energy vehicle technology.

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