BYD, backed by Warren Buffett, is challenging the Cybertruck

A large electric car BYD Co (OTC:LOVE) (OTC:I will want to), based in Shenzhen, has revealed that its next electric pickup will be called the BYD Shark.

The Shark is expected to launch this year, just a few months after rival Tesla began releasing its version of an electric pickup called the Cybertruck.

What has happened

BYD has yet to offer electric pickups and the Shark will be its first vehicle. The company announced the name in a Weibo post without disclosing the price. The pick-up will have a hybrid sealing system.

It was reported earlier this month that the vehicle will be launched this year with larger dimensions than the Toyota Hilux and aimed at the international market.

Because it is important

BYD, supported by Warren Buffettit overtook Tesla as the world’s largest EV seller by volume in the last quarter of 2023, then reclaimed the title in the final quarter.

Tesla began shipping its Cybertruck in November. This car is only sold in the US, the BYD market has not yet entered.

In January, the CEO of Tesla Elon Musk has lowered expectations for Cybertruck sales in China, saying it will be “very difficult” to get the all-steel vehicle adopted in the Asian country.

BYD, meanwhile, has yet to announce any plans to enter the game in the United States, reducing the possibility of direct competition between the two vehicles in the same market.

In addition, the Cybertruck is a battery electric vehicle, unlike the Shark, which places them in different fuel groups.

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Image courtesy: BYD