China’s BYD Has No Plans to Challenge Tesla in US Anytime Soon

BYD Co. doesn’t have any current plans to enter the US passenger car market, founder Wang Chuanfu said, throwing cold water on the prospect of the Chinese electric-vehicle maker challenging Tesla Inc. in its home market — for now.

The auto titan, which reported that net income more than quintupled last year after it sold a record number of EVs, said at a post-earnings briefing on Wednesday that its home market of China has already entered a “full-expansion phase” for new-energy vehicles.