Chinese language EV big BYD Co BYDDF BYDDY is reportedly eyeing entry into the EV pickup truck market like its U.S. counterpart Tesla.
What Occurred: BYD will launch its first new vitality pickup truck this yr, CnEVPost reported, citing a supply acquainted with the matter. The truck will reportedly have dimensions exceeding the Toyota Hilux and might be centered on the worldwide market.
There are heightened restrictions by way of most pace and years of use on pickup vehicles in China as in comparison with different passenger automobiles like sedans and SUVs.
A number of cities even have restrictions on pickup vehicles coming into city areas, the report famous, whereas including that it could be why BYD’s pickup truck is targeted on the worldwide market as a substitute of house floor.
Warren Buffett-backed BYD took over Tesla because the world’s greatest EV vendor by quantity within the final quarter of 2023, solely to return the crown within the final quarter.
The corporate didn’t instantly reply to Benzinga‘s request for affirmation on the report.
Similar Car Kind, Completely different Markets: Tesla began delivering its EV pickup truck known as the Cybertruck in November. The car is bought solely within the U.S., a market the place BYD is but to make inroads.
In January, Tesla CEO Elon Musk dampened expectations for Cybertruck gross sales in China saying that it could be “very tough” to get the stainless-steel car highway authorized within the Asian nation.
BYD, too, has not introduced any intentions to play within the U.S. as of but. So when BYD rolls out its electrical pickup, it’s unlikely that it’s going to instantly compete in opposition to the Cybertruck in the identical markets.
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Learn Extra: Whereas Tesla CEO Musk Cries ‘Robust Quarter,’ Ford’s EVs Cost Forward With 86% Gross sales Leap In America
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