BYD expansion into Canada raises US questions [USA TODAY]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: USA TODAY
The world's now-number-one electric vehicle maker wants to sell 1.3 million EVs outside of China , Li Yunfei, general manager of BYD's brand and public relations division, said in a recent press briefing in Shanghai, according to multiple media reports. The news comes after China and Canada announced a recent deal to allow thousands of the Chinese-made EVs into the North American country. Under the agreement, Canada will allow up to 49,000 Chinese electric vehicles into its market, with the so-called "most-favored-nation" tariff rate of 6.1%. Canadian Prime Minister Mark Carney 's office said the amount of Chinese EVs it plans to allow to be sold in Canada "corresponds to volumes in the year prior to recent trade frictions on these imports (2023-2024), representing less than 3% of the Canadian market for new vehicles sold in Canada." What does it mean for US EV buyers? BYD's electric cars are not sold in the United States because of factors such as high tariffs that are current
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