MEXICO CITY :Chinese automaker BYD is seeking an extension of tariff relief for electric vehicle imports from Mexico's government, an executive told newspaper Reforma in an interview published on Friday, as the company aims to build a plant in the country.
A decree exempting some 15 per cent to 20 per cent of tariff payments on EVs imported from countries with which Mexico does not have a trade agreement is set to expire at the end of the month, as President Andres Manuel Lopez Obrador leaves office.
"The proposal to the Mexican government is to see the possibility of, through our investment in a new plant, having the conditions to extend the decree," country head Jorge Vallejo told Reforma.
BYD launched sales in the Mexican market last year, importing its vehicles from abroad.
It has since announced plans to build a plant in the country to push out up to 500,000 cars a year for the local market.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.