BYD is dominating Mexico's new energy vehicle (NEV) market, capturing approximately 70% of the local battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) segment in 2024. This surge is driven by its high-value offerings—such as the Dolphin Mini EV priced around $21,000—and supportive government policies, including exemptions from federal vehicle purchase taxes, income tax deductions, and subsidies for charging infrastructure. As a result, BYD’s sales nearly doubled year-over-year. Although Mexico plans to impose tariffs of up to 50% starting in 2026 on vehicles imported from countries without a free trade agreement, BYD has maintained its price competitiveness through proactive inventory reduction and cost-sharing strategies. Data shows that imports of Chinese NEVs into Mexico skyrocketed from fewer than 500 units in 2021 to nearly 100,000 units in 2025, with BYD accounting for over 80% of this volume. In contrast, Tesla sold fewer than 4,000 vehicles in Mexico in 2024—just one-quarter of BYD’s BEV sales alone. According to BYD’s President for the Americas, the company will launch ultra-fast-charging models starting in April this year to further solidify its market leadership.