China’s BYD has no plans to enter the US market

The 3 key takeaways

BYD Co., a Chinese electric-vehicle maker, has no plans to enter the U.S. passenger car market, focusing instead on the full-expansion phase in its home market of China.
The company has been expanding its footprint overseas in countries like Norway, Denmark, the UK, Thailand, and Australia, with its net income more than quintupling last year after selling a record number of EVs.
Wang Chuanfu, BYD’s founder, does not foresee any impact from the U.S. Inflation Reduction Act on his company, as it has no plans to enter the U.S. EV market.