BYD plots another overseas EV plant: Here’s why that could be a bigger deal than you think
China’s leading automaker, BYD, is reportedly planning to build yet another EV factory overseas as it looks to take on new global markets. The facility will kick off BYD’s entry into Pakistan, the fifth-most populated country in the world.
Although BYD briefly surpassed Tesla in late 2023 to become the largest global EV maker, Tesla quickly took back the title in 2024 and has held it ever since.
However, that could change soon. Several reports are forecasting that BYD will outpace Tesla, and it could happen by the end of 2024.
According to research from Bloomberg Intelligence, BYD is on track to regain the title by the end of the year. The study pointed to surging EV demand in China, while the US and Europe are expected to lag.
Despite new tariffs on Chinese EV imports in the US and Europe, BYD is widening its lead in key auto markets like Southeast Asia and South America.
BYD is launching new vehicles in surging EV markets like Thailand, Singapore, Brazil, and Mexico. The Chinese automaker is already a leading EV brand in these countries as it expands into new markets. It’s even cracking into Japan’s auto industry, a market dominated by Toyota.
BYD plans new EV plant for Pakistan
To fuel its expansion, BYD has opened or plans to open new EV plants in key overseas markets. BYD opened its first EV plant in Thailand last month.
It’s also planning to build factories in Hungary, Brazil, and Turkey. According to the latest, BYD is now plotting its newest EV plant in Pakistan.
A person close to the matter said BYD plans to build a plant in Karachi to grab its share of Pakistan’s growing EV market, according to Bloomberg. The person said BYD will introduce three models in Pakistan, with more on the way.
A BYD spokesperson confirmed plans to launch in Pakistan but did not comment on the planned plant or investments in the region.
Pakistan is the fifth most populated country in the world. Although EV sales have yet to take off, new affordable models could help drive demand.
Japanese automakers like Toyota and Suzuki still dominate the Pakistan auto market, but Chinese automakers like SAIC, Great Wall Motor, and now BYD are making a strong push into the region.
BYD’s plant will be in the same region as rivals, including Toyota, Suzuki, and Kia. According to the source, the plant is expected to be completed in the first half of 2026. The final details are still being ironed out.
Electrek’s Take
As Bloomberg notes, Pakistan’s EV market is still small compared to overall auto sales. However, that’s expected to change very soon.
After investment firm ADM Group announced it would inject up to $250 million into building EVs in Pakistan on Friday, the company said it sees “exponential growth” in EV sales in the region.
“A total of 14 percent of all new cars sold were electric in 2022, up from around 9 percent in 2021 and less than 5 percent in 2020,” the investment firm said.
Pakistan set a goal of having 30% of passenger car sales to be electric by 2030. By 2040, that number rises to 90%. The country is currently rolling out the charging infrastructure to support the transition. The next phase includes EV manufacturing. BYD looks to get ahead of the trend with another overseas plant planned.
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Environment
U.S. crude oil falls below $60 a barrel to lowest since 2021 on tariff-fueled recession fears
A view shows disused oil pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau Region, Kazakhstan April 2, 2025.
Pavel Mikheyev | Reuters
U.S. oil prices dropped below $60 a barrel on Sunday on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.
Futures tied to U.S. West Texas intermediate crude fell more than 3% to $59.74 on Sunday night. The move comes after back-to-back 6% declines last week. WTI is now at the lowest since April 2021.
Worries are mounting that tariffs could lead to higher prices for businesses, which could lead to a slowdown in economic activity that would ultimately hurt demand for oil.
Oil futures, 5 years
The tariffs, which are set to take effect this week, “would likely push the U.S. and possibly global economy into recession this year,” according to JPMorgan. The firm on Thursday raised its odds of a recession this year to 60% following the tariff rollout, up from 40%.
Fueled by incentives from the Illinois EPA and the state’s largest utility company, new EV registrations nearly quadrupled the 12% first-quarter increase in EV registrations nationally – and there are no signs the state is slowing down.
Despite the dramatic slowdown of Tesla’s US deliveries, sales of electric vehicles overall have perked up in recent months, with Illinois’ EV adoption rate well above the Q1 uptick nationally. Crain’s Chicago Business reports that the number of new EVs registered across the state totaled 9,821 January through March, compared with “just” 6,535 EVs registered in the state during the same period in 2024.
Those numbers represent more than 50% growth in EV registrations – far beyond the expected 12% first-quarter increase nationally being projected by Cox Automotive. (!)
What’s going on in Illinois?
While President Trump and Elmo were running for re-election, they campaigned on the threat promise of canceling the $7,500 federal tax credit for EVs. Along with California Governor Gavin Newsom, Illinois’ Governor JB Pritzker made countermoves – launching a $4,000 rebate for new electric cars and up to $1,500 for the purchase of a new electric motorcycle.
At the same time, the state’s largest utility, ComEd, launched a $90 million EV incentive program featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles. That program has driven a surge in Class 3-6 medium duty commercial EVs, which are eligible fro $20-30,000 in utility rebates on top of federal tax credits and other incentives (Class 1-2 EVs are eligible for up to $7,500).
We covered the launch of those incentives when the program was announced at Chicago Drives Electric last year, but the message here is simple: incentives work.
SOURCES: Chicago Business, Ray Cunningham; featured image by the author.
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The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG is delivering on part of that reduced downtime promise with the lower maintenance and easier repair needs of electric equipment, and delivering on the rest of it with lickety-quick DC fast charging that can recharge the machine’s massive battery in 1.5-2 hours … but that’s not the slick bit. The XCMG XE125EV can be powered up without leaving the job site thanks to its BYD battery swap technology.
We first covered XCMG and its battery swap technology back in January, and covered similar battery-swap tech being developed by MOOG Construction offshoot ZQUIP, as well – but while XCMG’s battery tech has been in production for several years, it’s still not widely known about in the West (even within the industry).
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
You can check out all the XE215EV’s specs at this tear sheet, and get an in-person look at the Chinese company’s latest electric excavator this week in Munich, Germany.
SOURCE | IMAGES: XCMG.
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