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China’s automotive giant, BYD, is taking yet another step closer to the US market as it introduces the Seal electric sedan in Mexico, aiming to challenge Tesla’s dominance in the region. BYD is clearly determined to close in on Tesla’s global EV sales.
The Seal EV, part of BYD’s Ocean series, made its official debut in Mexico, expanding the brand’s presence in the region. This addition marks the fifth BYD EV model available in North America, joining the Dolphin, Han sedan, Tang SUV, and Yuan Plus, which were launched earlier this year. The Seal is available in two versions: rear-wheel drive (RWD) and all-wheel drive (AWD).
The 2024 BYD Seal, built on e-platform 3.0 and featuring innovative CTB (cell-to-body) technology that integrates the battery into the chassis, offers two compelling versions in Mexico: the entry-level single motor RWD and the dual motor AWD, boasting 523 horsepower and a rapid 0-100 km/h acceleration time of 3.8 seconds.
The RWD variant starts at an attractive price point of 778,800 pesos (approximately £36,100), while the AWD version is priced at 888,800 pesos (about £41,300).
The Seal RWD is powered by a 150 kW rear motor and a 61.44 kWh LFP Blade battery, offering a commendable WLTP range of up to 286 miles. In comparison, the Tesla Model 3, its primary rival, starts at 881,900 pesos (around £40,900) and provides 396 miles of WLTP range. The AWD version of the Tesla Model 3 starts at 985,900 pesos (roughly £45,800), with a Performance variant priced at 1,154,900 pesos (about £53,500).
BYD’s recent success is evident in its sales figures, with over 170,000 fully electric vehicles sold. While Tesla does not report monthly sales, it delivered a substantial 435,059 EVs in the third quarter. BYD’s impressive sales numbers place it within 3,500 deliveries of overtaking Tesla as the top-selling global EV maker.
Mexico has become a significant market for Chinese EV manufacturers, with Tesla planning to establish a Gigafactory in the country. Chinese suppliers have followed suit, indicating the growing importance of Mexico in the global EV supply chain. Analysts speculate that Mexico may serve as a gateway for Chinese EVs and their suppliers into the lucrative US market. BYD itself has expressed interest in building a manufacturing plant in Mexico, further underlining its commitment to the region.
Unlike many other Chinese EV manufacturers, BYD already sells and produces vehicles in the United States, including electric buses manufactured in California. The company’s North American headquarters are located in Downtown Los Angeles.
With a sales target of 3 million units for 2023, BYD has sold approximately 2,683,374 vehicles between January and November. To meet its ambitious goal, the company needs to deliver about 320,000 units in December. However, the competitive landscape in China has made achieving this target challenging, prompting BYD to exercise caution and focus on markets where it can enjoy healthier profit margins.
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