© Reuters. BYD Plans commercial electric vehicle push
By Michael Elkins
The Wall Street Journal reports Wednesday, citing “people familiar with the company’s plans”, that Tesla (NASDAQ:TSLA) rival, BYD (SZ:002594) is now plotting a big push into battery-electric commercial vehicles.
The automaker has risen over the past decade to become one of the top global sellers of electric passenger vehicles. However, over the next decade, BYD plans to introduce new commercial-vehicle models in markets including China, Europe, and Japan.
People familiar with the matter believe that the company has mapped out a budget of more than $20 billion for its commercial-vehicle unit through 2025, with major outlays planned for research, product development, and expansion of production capacity.