Chinese electric vehicle maker BYD is putting its plans to sell passenger cars in the United States on hold indefinitely.
At the Milken Institute Asia Summit, Executive Vice President Stella Li identified geopolitics as the primary challenge to the company’s global expansion. She said a lack of clarity, visibility and stability in the U.S. market prompted the decision.
Li described the U.S. market as complicated and said BYD needs certainty before making significant investments. The move highlights the difficulties Chinese companies face amid trade frictions and political tensions.
BYD will continue its existing U.S. operations in commercial vehicles, energy storage and solar panels while its passenger car plans are paused.