Shenzhen-based EV giant BYD Co (OTC:BYDDY) (OTC:BYDDF) has revealed that its upcoming electric pickup truck will be called BYD Shark.
The Shark is due to be launched this year, just months after rival Tesla started to deliver its own version of an electric pickup called the Cybertruck.
What Happened: BYD has not made electric pickup trucks to date and the Shark will be its first. The company announced the name in a post on Weibo without revealing prices. The truck, it said, will be equipped with a plug-in hybrid system.
Earlier this month, it was reported that the truck will be launched this year with dimensions exceeding the Toyota Hilux and focussed on the global market.
Why It Matters: Warren Buffett-backed BYD took over Tesla as the world's biggest EV seller by volume in the last quarter of 2023, only to return the crown in the last quarter.
Tesla started delivering its Cybertruck in November. The vehicle is sold only in the U.S., a market where BYD is yet to make inroads.
In January, Tesla CEO Elon Musk dampened expectations for Cybertruck sales in China saying that it would be "very difficult" to get the stainless steel vehicle road legal in the Asian country.
BYD, meanwhile, has not announced any intentions to play in the U.S. as of yet, thinning chances of direct competition between the two trucks in the same markets.
Furthermore, the Cybertruck is a battery-electric vehicle unlike the Shark, placing them in different fuel categories.
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Photo courtesy: BYD