BYD is assessing plans to build a manufacturing facility in Canada and remains open to acquiring an established global automaker, according to a Bloomberg report.
The Shenzhen-based new energy vehicle (NEV) producer is studying the Canadian market for a potential plant, Executive Vice President Stella Li said in an interview with Bloomberg. “No decision has been made yet,” Li said, adding that the company would prefer to fully own and operate any future factory rather than pursue a joint venture.
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Li noted that a joint venture structure would not align with BYD’s approach, even as Canada has encouraged partnerships between foreign automakers and domestic firms. The country has recently adjusted its trade stance, agreeing in January to exempt up to 49,000 Chinese-built electric vehicles annually from a 100% tariff, applying instead a 6.1% most-favored-nation tariff rate under a bilateral arrangement.
Beyond manufacturing expansion, Li indicated that BYD is also exploring acquisition opportunities in the global automotive sector. “The company is open to every opportunity and will see what benefits them,” she said, while emphasizing that no deal is currently close and no specific targets have been identified.
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Such a move would mirror earlier industry transactions, including Geely Holding’s acquisition of Volvo Cars, which marked a significant step in Chinese automakers’ global expansion.
Separately, Li said BYD is accelerating development of its first European passenger vehicle production hub in Hungary and is evaluating a second facility in Turkey, as part of its broader international growth strategy.
She also confirmed that BYD is examining a potential entry into Formula One, noting that participation in the racing series would align with the company’s technology-focused positioning, although no final decision has been made.
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The expansion plans come as BYD faces pressure in its domestic market. The company reported February NEV sales of 190,190 units, down 41.09% year-on-year and marking a sixth consecutive monthly decline. However, overseas markets have provided some support, with exports reaching 100,600 units in February, surpassing domestic sales for the first time.
BYD is targeting 1.3 million vehicle sales in overseas markets in 2026, representing an increase of about 24%, as it seeks to strengthen its global footprint.