China’s BYD explores Canadian auto market entry -regulatory filing
4:19 pm Tuesday, July 30th, 2024
(Reuters) – Chinese EV maker BYD, is looking to enter the Canadian automotive market, according to a regulatory document filed earlier this month, even as Canadian officials consider imposing tariffs on vehicles imported from China.
Canada, following in the footsteps of the United States and the European Union, said in June it was considering imposing tariffs on Chinese-made electric vehicles as it seeks to align itself with its allies against what the West views as a heavily subsidized Chinese industry.
Ottawa opened a month-long public consultation period on July 2 to weigh its response, noting “China’s unfair support for the EV sector, if left unchecked, could lead to an exponential surge of imports that will adversely affect planned EV investments and the transformation of Canada’s automotive sector.”
It was not immediately clear when representatives of the company’s Canadian unit, BYD Canada met with government officials.
While the document did not specify a timeline of BYD’s plans, it did discuss the potential application of tariffs on EVs, along with the Shenzhen-based company’s plans to begin selling passenger EVs in Canada.
Meanwhile, in May, BYD unveiled the Shark, a mid-size hybrid-electric pickup truck in Mexico, even as its regional chief brushed off new U.S. tariff hikes on Chinese EVs, saying the company was not targeting the U.S. market.
(Reporting by Akash Sriram in Bengaluru and Divya Rajagopal in Toronto; Editing by Tasim Zahid)
