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

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.
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