"We're not planning on coming to the US," BYD Americas CEO Stella Li told Yahoo Finance.

BYD launched a price war on ICE vehicles last month with the new Qin Plus EV and PHEV models. Starting at $15,200 (109,800 yuan), the new EV officially opened a “new era of electricity is cheaper than oil.” The DM-i (PHEV) version is even cheaper, starting at around $11,000 (79,800 yuan).

In the battle between Tesla and BYD, both companies have proven themselves as leaders in the electric vehicle industry. While Tesla excels in innovation, design, and global reach, BYD's strengths lie in its diverse product lineup, battery technology, and market dominance in China.

BYD was also the best-selling car brand in China in 2023, overtaking Volkswagen which held the title since the liberalisation of the Chinese automotive industry. The company also expanded sales of passenger cars into overseas markets since 2021, mainly in Europe, Southeast Asia, Oceania and South America.