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Chinese electric vehicle maker BYD Company Limited (OTCPK:BYDDF) confirmed to Nikkei on Tuesday that the company is considering setting up a plant in Mexico. BYD Company (OTCPK:BYDDF) sees Mexico as a key market with vast potential and has launched a feasibility study. Negotiations have begun with government officials and local authorities over the plant
The development is part of a broad global push by the automaker. BYD (OTCPK:BYDDF) has opened facilities in Thailand this year and announced plans in December to build a production base in Hungary within three years. BYD (OTCPK:BYDDF) also plans to build a plant in Brazil. Last year, BYD continued to expand in Europe by targeting countries such as the U.K., Denmark, and EV-centric Norway. Last month, BYD Company Limited (OTCPK:BYDDF) began to sell vehicles in Indonesia. The nation’s set new regulations in December that give tax incentives to automakers that plan to build electric vehicle plants on their imports of electric vehicles until 2025. The new rules remove most of the import duties and the luxury-goods sales tax on imported vehicles brought into Indonesia. Government officials in Indonesia believe that the electric vehicle industry can blossom in the nation because of the availability of raw materials and ease in building supply chains. Tesla (TSLA) and Mitsubishi Motors Corporation (OTCPK:MMTOF) are reportedly interested in building EV or battery material plants in Indonesia.