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by adrr 493 days ago
"“We’re not planning to come to the US,” Stella Li, executive vice president of BYD and CEO of BYD Americas, told Yahoo Finance Live (video above). “It’s an interesting market, but it is very complicated,” she added, citing growing political pushback on Chinese companies and the slowing rate of growth for EV adoption."

From the largest maker of BEVs.
3 comments
slashdev 493 days ago
Fully-electric vehicles (BEVs) were 8.1% of all U.S. light vehicle sales in 2024. EV sales were up 15% year-over-year.

The CEO is worried about how hostile the U.S. market might be for Chinese companies, not about low demand.

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adrr 492 days ago
China hit 50% of all new cars sold last summer. Mexico 8.2% of their cars were EVs last year and had 70% growth. US doesn't have an EV market, once the EV credits get pulled, bottom is going to fall out.
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slashdev 492 days ago
In 2024, battery electric vehicles (BEVs) made up 25% of new car sales in China (to compare apples to apples.)

That's a lot more than the US, but that's not the point. 8% is plenty large enough to be sizable market.

EV credits going away will dampen that, but that will also be partly or even fully offset just by how fast that segment is growing.

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SequoiaHope 493 days ago
“BYD doesn’t want to sell in the US” (I presume due to strong anti-China sentiment which would harm an industry that is closely regulated by the government) is very different from “the US doesn’t have a large market for EVs” especially when the EVs BYD makes are low cost. And with Musk close with the government, BYD would be unlikely to be treated well any time soon. It makes sense that the CEO says “it is very complicated” but that is not the same as “the market is small”.
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macintux 493 days ago
That doesn't say that demand is low, but that adoption is slowing, which could reflect many factors, including high prices.
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adrr 493 days ago
Are they high? Average price paid in 2024 for a new car was $50k. There are tons of EVs under that price from Tesla model 3/y, For Mach E,Hyundai Ionic, a bunch of KIA models, VW ID4 etc.
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drawkward 493 days ago
Good job! You continue to fail to subtantiate your original claim (low US EV demand) very well!

A+ goalpost moving!

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slashdev 492 days ago
The auto industry in general appears to be slowing world wide
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