Toronto, Ontario — In this weekly Tuesday Ticker, Chinese EV maker BYD reportedly scraps plans to enter the Canadian market, while Rivian experiences its first revenue dip since going public four years ago.
Bye-bye, BYD
China’s largest electric vehicle manufacturer, BYD, has decided not to expand into Canada, despite having previously conveyed its intentions to the Canadian federal government a few months ago, even in the face of potential tariffs.
Sources for the automaker told Automotive News that the brand will delay its entry to both the U.S. and Canadian markets, citing concerns about 100 percent tariffs on Chinese EVs.
BYD had also previously announced a partnership with Uber, which the company said in a release would expand to markets across “the Middle East, Canada, Australia and New Zealand.”
This is a developing story.
Reductions at Rivian
Last week, Rivian reported its first revenue decline since going public in 2021. The automaker claims the dip was partially due to a parts shortage.
“We weren’t able to build all of the products and mix of products we had planned,” said CEO R.J. Scaringe. “That affected us on the demand side and the revenue side.”
Rivian also reduced its full-year production forecast to between 47,000 and 49,000 vehicles, down from a previous estimate of 57,000. The company says its production has dwindled due to a parts shortage for a component in the drive unit.
In the third quarter, the company’s revenue fell by 34.6 percent to US$874 million, falling short of analysts’ average forecast of US$989.6 million.
As of Monday at 12:30 p.m. ET, shares of Rivian traded at US$10.89 per share, down 48.38 percent year-to-date.
