Market Chatter: BYD Said to Halt Search for Mexico Factory Site Pending US Election Result

MT Newswires Live09-04

BYD (HKG:1211, SHE:002594) has stopped looking for a site for its Mexico factory until at least after the elections in the US, Bloomberg News reported Tuesday, citing unnamed people familiar with the matter.

BYD has three sites in mind, including Guadalajara, but the electric car giant is in wait-and-see mode as the outcome of the November elections could redirect US policy, the report said.

The electric vehicle company said its factory plans could still be altered or revived, and BYD has not yet made a final decision, the report said, citing the sources.

For its part, BYD said it has not stalled on its decision to put up a factory in Mexico, adding the country is an important market, Bloomberg reported.

The company is working to establish a production facility "with the highest technological standards for the Mexican market, not for the United States market, nor for the export market," Bloomberg quoted BYD Executive Vice President Stella Li as saying.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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