China's BYD to launch first electric pickup truck this year in latest challenge to Tesla, Ford

Post At: Apr 04/2024 05:00PM

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  • 1211-HK
  • ZE594-CN

BYD plans to launch its first electric pickup truck this year, as the Chinese giant steps up competition with global auto firms, from Ford to Tesla.

The midsize-to-large pickup truck has been developed for the global market, BYD said in a press release.

BYD showed off pictures of the truck draped in orange and blue camouflage, with very little detail visible on the interior or exterior of the vehicle. The sale price of the vehicle was not disclosed.

The pickup will look to compete with the likes of the Ford Ranger and F-150 Lightning, the Toyota Hilux and the Tesla Cybertruck.

The pickup truck will add to the company's line up of vehicles, which starts with the Seagull at 69,800 yuan — or just under $10,000 — all the way up to the 1.68 million yuan U9 supercar.

BYD doesn't sell in the U.S., the most popular market for pickup trucks, but it has a presence in other popular markets for this type of vehicle, including in Thailand.

The company became the world's biggest electric vehicle maker last year, helped by cut-throat pricing and aggressive global expansion. It lost that title in the first quarter.

BYD is not immune to the broader challenges facing EV players by way of waning demand. The Chinese firm sold 300,114 electric vehicles in the first quarter of the year, down 43% from the December quarter of 2023.

Meanwhile, closest rival Tesla delivered 386,810 cars to customers in the first quarter, marking an 8.5% annual decline.

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