BYD, the world’s largest electric-vehicle (EV) maker, has launched a new model in India and started construction on a factory in Brazil, reports the South China Morning Post. The company’s push into potentially huge overseas markets coincides with a discount war in mainland China, where fiercer competition is seen hurting carmakers’ profitability amid narrowing margins.
The Shenzhen-based carmaker, backed by Warren Buffett’s Berkshire Hathaway, is now taking orders for the Seal, a premium battery-powered sedan with a starting price of 4.1 million rupees ($49,468) in the South Asian nation, a move to display the company’s technology and quality, it said in a statement.
In Brazil, BYD officially started work on its first plant in South America, according to Reuters on Wednesday.