BYD puts the brakes on its Canada launch – for now
BYD has decided to stall its plans to enter Canada, deterred by the country’s 100% federal tariffs on EVs imported from China. But here’s how BYD will likely make the move to enter the US or Canada anyway.
The decision puts a pin on the plan after months of legwork over the summer, with BYD execs meeting with dealers across Canada to discuss a possible distribution network of the brand’s vehicle and talking with lobbyists on how to get the federal government on board, Automobile News reports.
Back in August, Prime Minister Justin Trudeau told reporters that the government would follow the US’s plan to impose stiff tariffs on EV imports from China, all while BYD was busy trying to set the deal in place. Over the summer months, a lobbyist with Toronto’s Crestview Strategy told Automotive News that they had arranged six exchanges with BYD and senior members of the government, all set on clearing the way for EV sales and BYD setting up shop in the country.
Since then, communications have halted, and would-be distributors are in a holding pattern, according to sources who spoke to Automotive News. BYD hasn’t yet commented.
BYD is already a leading EV brand in Mexico and operates in about 90 markets – but tariffs have been a roadblock to breaking into the North American market, a situation that is likely to get more complicated with recently elected Donald Trump.
BYD could still launch an EV in North America
That said, BYD could still launch in North America, even with 100% tariffs. Analysts say that the company could easily absorb the tariffs on some vehicles – to a point. And it would have to strategize carefully about which model to bring over.
“There is the possibility that even with the 100-per-cent tariff, that they could still launch a model that could compete, but it’s a matter of which one, if it’s the right model for the market,” Lei Xing, China auto industry expert analyst told Automotive News.
The BYD Atto 3 and Seal seem likely candidates, he said, but US and Canadian consumers would likely have to pay a lot more for them (I guess BYD would be willing to absorb costs only to a point).
In France, for example, you can get an Atto 3 for about $45,000, and a Seal for $65,000. Of course, the subcompact BYD Seagull, the brand’s smallest car that sells for around $10,000 in China, would be an easier choice in terms of cost control. The brand plans to launch a European version in 2025, but the North American market isn’t as welcoming to small cars, Lei Xing said.
The North American move is on hold for now, Chinese brands as ambitious as BYD won’t likely be put off by tariffs for too long – it’s just a matter of when, and with which vehicle.
“Imported vehicles cost a lot more, but these companies really want to be into this marketplace, said Sam Fiorani, vice-president of global vehicle forecasting at US-based AutoForecast Solutions, told Automotive News. “North America is the crown jewel for any global automaker. So, finding a way to get any volume sold, they’ll take the cost.”
Some other options too cited by Fiorani include building market share and brand recognition – where I am in France, BYD ads are literally everywhere. Next step, set up assembly plants somewhere in North America, or import vehicles into Canada from other countries other than China – but then again, Canada could respond accordingly with tighter restrictions, so it’s a moving target.
Also, over-the-air infrastructure for Chinese vehicles could be problematic since Canada seems likely to follow the US’s proposed rules banning Chinese hardware and software for connected vehicles in the interest of national security. So in order to work around that, companies would need a separate OTA infrastructure to process data locally, not back and forth to China.
Meanwhile BYD is seemingly very large and in charge. It’s currently ramping up production by close to 200,000 units to meet demand, and the company has hired nearly 200,000 new employees over the past three months.
Photos courtesy of BYD
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The solar industry is bracing for a turbulent year, and SolarReviews’ newly released 2025 Solar Industry Survey lays out exactly why. The survey, now in its third year, gathered insights from solar companies across the industry between December 2, 2024, and January 3, 2025, covering everything from the Inflation Reduction Act to workforce development and the state of the supply chain.
Ben Zientara, industry and policy analyst at SolarReviews, summed up the findings: “With pandemic-related supply chain issues largely in the rearview mirror, the industry is now overwhelmingly concerned about political uncertainty and the potential for new tariffs and changes to solar incentives.”
The biggest takeaway – the solar industry is on edge about what’s coming in 2025. More than half (56%) of companies flagged the possibility of new tariffs as a major concern, while 50% are worried about changes to solar incentives. Legislative and political uncertainty isn’t helping either, with 46% of respondents citing it as one of their biggest fears. Considering that Trump’s declaration of a national energy emergency excluded solar from its definition of energy resources, that’s unsurprising.
The outcome of the 2024 US elections has also influenced business confidence. A third (34%) of respondents said their outlook for 2025 became more negative due to election results, while nearly half (48%) reported no change. Only 18% said they felt more optimistic about their business prospects after the elections.
Despite these worries, most solar companies remain resilient. Just 7% of respondents said they were concerned about staying in business over the next six months, while 38% expect to see their business grow this year.
One bright spot is the supply chain. Over the past two years, supply chain disruptions have steadily improved, with 43% of businesses reporting that conditions were better in 2024 compared to 2023. That’s a slight dip from the previous year when 69% of companies saw an improvement, but still a positive sign. Only 11% said supply chain issues worsened year-over-year.
Residential solar installers continue to evolve, expanding their services beyond solar panels. The vast majority (92%) of installers now offer energy storage installation, up from 74% last year. Similarly, 86% of companies are installing EV chargers, up from 64% in the previous year.
Installers named Qcells, REC, and Silfab as their go-to solar module brands, while Enphase, Tesla, and SolarEdge dominated the energy storage space.
However, one of the biggest challenges in 2024 was the wave of solar company closures. A staggering 81% of installers reported that at least one large competitor in their service area shut down. More than 57% said these closures led to negative outcomes, including an increase in service calls from customers left in the lurch by their former solar providers. To adapt, nearly a quarter of residential installers now offer third-party warranty coverage as a way to boost customer confidence and secure more sales.
Ultimately, US solar is still expected to continue its growth trajectory and maintain its top leadership among energy sources.
Read more: Renewables generated 24.2% of US electricity in 2024 – EIA data
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Tesla has brought back 0% APR financing to new Model 3 orders in the US in order to boost demand in at the end of a tough quarter for the automaker.
Today, Tesla has announced that it is bringing back greatly subsidized financing with 0% and 0.99% APR loans for new Model 3 orders:
Furthermore, buyers who qualify for the federal tax credit for electric vehicles can get a deal for $0 due at signing and 0.99% APR:
$0 due at signing with 0.99% APR for term of 60 months when qualified buyers apply the $7,500 Federal Tax Credit at point of sale. Not all applicants will qualify. Promotion is subject to change or end at any time, and cannot be applied retroactively. Used vehicles and enterprise sales not eligible.
Tesla is bringing this deal only to Model 3 because Model Y is in a strange situation this quarter amid the change over to the new design.
The automaker is currently only taking orders for the new design for people willing to pay more for the “Launch Edition.” Deliveries are expected to start this weekend, and Tesla is still taking orders for March deliveries.
Tesla is also still taking new orders for the old version of the Model Y at a discount, and the automaker also still has plenty of older Model Y in inventory:
Electrek’s Take
With the end of the quarter coming, on top of the start of deliveries of the new version of the Model Y, I wouldn’t be surprised to see Tesla implement further discounts and incentives on the older version as it still appears to have significant inventory.
As usual in Q1, demand is weaker, but Tesla is having broader brand issues thanks to Musk, and the problem of the Model Y changeover.
Everything points to this being a very tough quarter for Tesla.
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Hyundai and Kia are on a hot streak. The Korean auto giants just notched another month of strong sales growth in February, thanks to new low-cost EVs like Kia’s EV3 and the Hyundai Casper (Inster EV). With more models on the way this year, Hyundai and Kia setting the stage for an even bigger 2025.
Hyundai and Kia sales rise in February with low-cost EVs
Coming off its second straight year of setting a new global sales record, 2025 is shaping up to be Kia’s biggest year in company history.
Kia is revamping the brand with a new lineup of stylish electric vehicles as part of its “EVs” for all strategy. After launching its first three-row electric SUV, the EV9, in 2023, the company is doubling down on more affordable models.
As part of its “EVs for all” strategy, Kia is launching a series of electric cars with prices ranging from around $30,000 to upwards of $80,000.
After launching the EV5 in China in late November 2023, starting at just over $20,000 (149,800 yuan), Kia introduced the smaller EV3 SUV last year.
Kia opened EV3 orders in Korea last June starting at roughly $30,000 (KRW 42.08 million). After securing over 10,000 reservations within a month, Kia’s vice president Won-Jeong Jeong, was already calling the compact SUV a “game-changer” in its home market.
Even more coming soon
Kia sold 2,257 EV3’s in Korea last month, surging 426% from the 429 sold in January. The EV3 has helped Kia’s domestic sales recover, rising 4.5% in February 2025.
With the EV3 now arriving in Europe, starting at around $38,000 (36,000 euros), Kia expects overseas sales, which were up 4.4%, to gain momentum this year.
Kia’s President, Song Ho-sung, told shareholders on Wednesday the company’s annual sales exceeded 100 trillion won ($68.6 billion) for the first time in 2024. It also notched its highest operating profit in company history at 12.7 trillion won ($8.7 billion).
This year, Kia expects even more growth with new electric models, including the EV4, its first electric sedan, and the PV5, its first electric van. Both were introduced at Kia’s 2025 EV Day last week. We also got our first look at the smaller, even lower-cost EV2 model.
Hyundai’s low-cost Casper Electric, which went on full-scale sale in the second half of 2024, helped boost domestic sales.
Casper Electric sales increased in Hyundai’s home market from just 186 units in January to 1,061 in February. Hyundai’s domestic sales rose 20% in February 2025 compared to the prior year. The Casper EV starts at about $20,000 (27.4 million won) in Korea.
In outside markets, like Europe, the Casper is called the Inster EV, and it’s expected to help Hyundai significantly ramp up overseas EV sales. In Europe, Hyundai’s compact electric SUV starts at around $27,000 (25,000 euros).
Hyundai and Kia are on a hot streak in the US. Both are coming off new February sales records with new models like the 2025 IONIQ 5 and Kia’s EV9 seeing strong demand. With more EVs on the way, including Hyundai’s three-row IONIQ 9 and the Kia EV4, the Korean automakers will be two brands to keep an eye on as the global auto industry continues shifting to electric.
Source: Newsis, Hyundai Motor
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