Chinese electric vehicle giant BYD Co BYDDY BYDDF on Tuesday introduced its new mid-size hybrid-electric pickup truck called the Shark in Mexico and it is way cheaper than rival Tesla Inc‘s Cybertruck.
What Happened: The Shark is currently only available in Mexico and BYD is not eyeing entry into the U.S. market, Reuters reported, citing the company’s regional chief Stella Li. The Cybertruck, meanwhile, is limited to the U.S., thinning chances of immediate direct competition between the two trucks.
Cybertruck Vs. Shark In Specs: BYD Shark is available in versions, namely GL and GS, in Mexico. The lower-priced BYD Shark version has a starting price of 899,980 Mexican pesos ($53,401), while the GS variant has a starting price of 969,800 Mexican pesos ($57,544).
The Cybertruck, meanwhile, currently starts at $79,990 for its all-wheel drive variant and costs $99,990 for its higher-end Cyberbeast variant, making it significantly more expensive than its BYD counterpart.
Furthermore, the Cybertruck is a battery-electric vehicle unlike the Shark, placing them in different fuel categories.
As per the new vehicle’s flyer, it can run 100 km purely on electricity and 840 km (522 miles) with both electricity and fuel. The Cybertruck, in comparison, has a range of only 340 miles. However, it can be extended to over 470 miles with a range extender.
Why It Matters: Warren Buffett-backed BYD took over Tesla as the world’s biggest battery EV seller by volume in the last quarter of 2023, only to return the crown in the last quarter.
While Tesla delivered 386,810 battery electric vehicles in the first quarter, BYD sold only 300,114 units. However, the Chinese company also makes plug-in hybrid vehicles, unlike Tesla, taking its overall passenger vehicle sales to 624,398 units.
BYD’s latest unveiling also came close on the heels of President Joe Biden slapping massive tariff hikes on new Chinese imports, including a 100% bump-up on electric vehicles made in China to prevent market flooding and protect American auto manufacturers.
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Photo courtesy: BYD
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