SINGAPORE, (Reuters) – The number one challenge to expansion for BYD is geopolitics, Stella Li, BYD’s executive vice president, said on Thursday, months after the Chinese company’s chairman said it aims to become the world’s largest automaker within five years.
- “When we do business, we want to do something and have certainty and visibility then we can control and then we can invest. But with geopolitics, you never understand what’s the angle and what they are doing,” said Li at the Milken Institute Asia Summit in Singapore.
- Li said the company has decided to not sell passenger cars in the US for now despite being in the US for “a long time” as it is “complicated”.
- “We don’t have clarity, visibility and stability there so we’re saying let’s hold and not to go to the US for passenger cars at this moment.”
- Li said BYD has no plans to partner with other Chinese companies given its leadership in various areas such as storage and solar panels. “We’re a leader in multiple businesses, not only cars,” she said.
- Li also said it’s been difficult to hire enough people in China and the company hopes to use industrial robots in future.
- She said BYD’s stock on the Hong Kong exchange was “super undervalued” compared to US companies, given that the company is an engineering firm and not just a car company.
- She also said Nvidia remains a “very strong” chips partner for BYD.
Reporting by Xinghui Kok; Editing by Christopher Cushing and Philippa Fletcher
