Tesla's Top Rival From China Eyes Launching Cybertruck Challenger — But Here's Why A Face-Off Seems Unlikely For Now

Chinese EV giant BYD Co BYDDF BYDDY is reportedly eyeing entry into the EV pickup truck market like its U.S. counterpart Tesla.

What Happened: BYD will launch its first new energy pickup truck this year, CnEVPost reported, citing a source familiar with the matter. The truck will reportedly have dimensions exceeding the Toyota Hilux and will be focused on the global market.

There are heightened restrictions in terms of maximum speed and years of use on pickup trucks in China as compared to other passenger vehicles like sedans and SUVs.

Several cities also have restrictions on pickup trucks entering urban areas, the report noted, while adding that it might be why BYD’s pickup truck is focused on the global market instead of home ground.

Warren Buffett-backed BYD took over Tesla as the world’s biggest EV seller by volume in the last quarter of 2023, only to return the crown in the last quarter.

The company did not immediately respond to Benzinga‘s request for confirmation on the report.

Same Vehicle Type, Different Markets: Tesla started delivering its EV pickup truck called the Cybertruck in November. The vehicle is sold only in the U.S., a market where BYD is yet to make inroads.

In January, Tesla CEO Elon Musk dampened expectations for Cybertruck sales in China saying that it would be “very difficult” to get the stainless steel vehicle road legal in the Asian country.

BYD, too, has not announced any intentions to play in the U.S. as of yet. So when BYD rolls out its electric pickup, it’s unlikely that it will directly compete against the Cybertruck in the same markets.

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