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    ABI   BE0974293251

ANHEUSER-BUSCH INBEV SA/NV

(ABI)
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Real-time Euronext Bruxelles  -  11:35:06 2023-01-27 am EST
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China's BYD to sell EVs in Mexico next year, aims up to 30,000 sales in 2024

11/29/2022 | 04:04pm EST
China’s EV maker BYD expands to Mexico consumer market

MEXICO CITY (Reuters) - Chinese electric-vehicle maker BYD said on Tuesday it will launch its cars in Mexico next year, with a senior executive pegging its sales target at up to 30,000 vehicles in 2024.

Next year, BYD will begin selling fully electric versions of its Tang sport utility vehicle (SUV) alongside its Han sedan through seven dealers across Mexico, the company's country head Zou Zhou told Reuters ahead of the announcement.

The world's largest EV maker by sales hopes to sell 10,000 vehicles in Mexico in 2023 and between 20,000 and 30,000 in 2024, Zhou said, adding that the firm's long-term goal is to reach around 10% of total market share.

As per Mexico's Automotive Industry Association, just 4.5% of cars sold in the first eight months of this year were hybrid, or around 31,000 of nearly 693,000 sold in total.

While BYD declined to name starting prices of its vehicles in Mexico, Zhou emphasized on the company's affordability. "We are the brand for everybody," Zhou said.

In September, BYD had set pre-sale prices for its Tanga and Han models at 72,000 euros ($72,500) in Europe. Few Mexicans make more than $10,000 a year, according to the country's statistics agency.

BYD's Zhou also said the company aimed to sell cars through 15 licensed dealers in Mexico by the end of 2023 and hit 40 by 2024. Mexican department store chain Liverpool will also sell the cars, BYD said.

The company's announcement comes as Mexico, a major car producing hub, looks to make EVs more affordable by cutting sales taxes and import tariffs -- moves Zhou said marked a positive step.

In recent months, officials in Mexico have said the country is on track to meet its goal of turning 50% of automotive production electric by 2030.

However, a General Motors executive said this month Mexico will more likely reach just 15% by 2030 if it does not change course.

Zhou said as U.S. states such as California go fully electric, Mexico -- which produces a vast amount of cars for its northern neighbors -- will likely follow.

($1 = 0.9654 euros)

(Reporting by Kylie Madry; Editing by Sarah Morland and Uttaresh.V)

By Kylie Madry


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ANHEUSER-BUSCH INBEV SA/NV -1.02% 54.14 Real-time Quote.-3.79%
EL PUERTO DE LIVERPOOL, S.A.B. DE C.V. -1.25% 116.9 End-of-day quote.1.72%
GENERAL MOTORS COMPANY 4.03% 37.95 Delayed Quote.12.81%
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01/16AB INBEV : Buy rating from Barclays
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Financials (USD)
Sales 2022 58 315 M - -
Net income 2022 5 146 M - -
Net Debt 2022 69 154 M - -
P/E ratio 2022 21,9x
Yield 2022 1,10%
Capitalization 117 B 117 B -
EV / Sales 2022 3,18x
EV / Sales 2023 2,90x
Nbr of Employees 169 000
Free-Float 42,4%
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Number of Analysts 29
Last Close Price 58,77 $
Average target price 68,20 $
Spread / Average Target 16,0%
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Managers and Directors
Michel Dimitrios Doukeris Chief Executive Officer & Director
Fernando Mommensohn Tennenbaum Chief Financial Officer
Martin J. Barrington Chairman
David Almeida Chief Strategy & Technology Officer
M. Michele Burns Independent Non-Executive Director
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