Buffett-Backed BYD to Open Electric-Truck Plant in Canada
- Company to hire about 40 people initially for Ontario facility
- BYD is ‘significantly’ accelerating investment in Canada
Why Electric Cars Aren't Taking Over Yet
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BYD Co., the Chinese electric-vehicle maker backed by Warren Buffett, plans to open its first assembly plant in Canada, anticipating a surge in demand for electric trucks from municipalities and businesses.
BYD, often described as China’s Tesla, will open the plant next year in Ontario and hire about 40 people to start, BYD Canada spokesman Ted Dowling said in a phone interview. The Shenzhen-based company has decided to “significantly” accelerate its investment in Canada as growing demand for electric vehicles and provincial tax incentives create a more welcoming environment than the U.S. in the short-term, he said.