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**Chinese EVs Blow Past Tesla and Tariffs En Route to Global Reign**

Julian Scot-Smith was window shopping at a [Porsche](https://www.wsj.com/market-data/quotes/XE/XETR/PAH3) dealership with his wife in London’s fancy Mayfair district before Christmas, sizing up the SUVs.
Then the couple peeked into another dealership around the corner.
“We were thinking of treating ourselves to one of the German brands, but these [Chinese cars](https://www.wsj.com/business/autos/tesla-sales-drop-for-second-year-in-a-row-958dec20?mod=article_inline) look fantastic,” said Scot-Smith, eyeing the $60,000 [BYD Sealion 7](https://www.wsj.com/business/autos/china-auto-sales-slump-amid-slowing-demand-379e7c92?mod=article_inline).
Not long ago, few would buy the idea that a Chinese electric-vehicle maker such as [BYD](https://www.wsj.com/business/autos/meet-the-guy-who-drives-a-street-legal-chinese-ev-in-the-u-s-44041c7a?mod=article_inline) could sweep European buyers off their feet, competing against [Volkswagen](https://www.wsj.com/market-data/quotes/XE/XETR/VOW3), [Toyota](https://www.wsj.com/market-data/quotes/JP/XTKS/7203) and even such luxury brands as [BMW](https://www.wsj.com/market-data/quotes/XE/XETR/BMW) and Porsche.
Yet BYD is leading a pack of Chinese automakers whose global export onslaught has surpassed even bullish expectations. The Shenzhen-based automaker delivered more than a million vehicles outside China in 2025, the company said, more than double the previous year’s total.
China surpassed Japan in 2023 as the world’s No. 1 auto exporter. Last year, it shipped 7.1 million vehicles from its pool of domestic automakers, according to the China Association of Automobile Manufacturers, up from 5.9 million the previous year. BYD, which replaced [Tesla](https://www.wsj.com/market-data/quotes/TSLA) as the world’s biggest EV seller, is one of Beijing’s national champions.
“BYD wants to become one of the most relevant players in Europe, and in a very short period,” said Alfredo Altavilla, a veteran industry executive advising the company.
2023'24'25025,00050,00075,000100,000125,000150,000vehicles
Chinese brands hold a roughly 7% share of Western Europe’s total auto market, selling more than 500,000 units in the first three quarters of 2025, according to data provider Schmidt Automotive Research.
European market leader Volkswagen, which owns Porsche and Audi, has already had its lunch eaten by local brands in China, which was once estimated to account for more than half of the German company’s global profit. Now, China is coming for VW on its home turf.
In a statement, VW said it had “confidence in our products and our ability to innovate.”
Politics, not market forces, has been the biggest obstacle to China’s automakers.
In the U.S., tariffs and restrictions on Chinese software have effectively barred EV imports from China, reflecting fears about jobs and national security. Yet Chinese vehicles could be on the way. Geely, China’s second-largest automaker after BYD, hinted this month it might expand production of its Chinese brands to the U.S., possibly at the South Carolina factory of its subsidiary [Volvo Cars](https://www.wsj.com/market-data/quotes/SE/XSTO/VOLCAR.B).
“The big question for us is where and when,” said Ash Sutcliffe, Geely’s global communications chief.
In a speech last week at the Detroit Economic Club in Michigan, President Trump said Chinese automakers were welcome as long as they used U.S. factories and workers. “Let China come in,” he said.
**Global BYD passenger-vehicle footprint**
Top 10 passenger-vehicle markets outside China
(Jan.-Nov. 2025)
Passenger-vehicle assembly plants:
Operational
Planned
U.K.
Belgium
Hungary
Spain
China
Turkey
U.A.E.
Mexico
Thailand
Philippines
Indonesia
Brazil
Australia
Sources: Gasgoo; WSJ research
Daniel Kiss/WSJ
Canada said Friday it would [cut tariffs on Chinese EVs](https://www.wsj.com/world/china/china-and-canada-edge-closer-with-progress-on-trade-63ef2240?mod=article_inline), following a meeting between Canadian Prime Minister Mark Carney and Chinese leader Xi Jinping: 49,000 vehicles will qualify for Canada’s most-favored-nation rate of 6.1%. The agreement was cast as part of a new strategic partnership that also foresees Chinese investment in Canadian auto production.
Trump’s second-term tariff policy and his threats of territorial expansion have prompted Canada to take a more balanced stance in the U.S.-China rivalry. Canada’s current tariff is 100%, in line with U.S. policy.
Mexico has gone in the other direction, increasing tariffs to 50% this year on vehicles made in China and other countries that don’t share mutual free-trade agreements. Only firms operating car plants in Mexico, which include U.S. companies, can import their made-in-China models tariff-free. To cushion price increases, Chinese automakers boosted exports to Mexico late last year, stocking up ahead of the tariff hike, industry executives said.
Chinese vehicles also face steep tariffs in the European Union, including 27% on BYD EVs.
Yet, Beijing can’t afford to let up.
**Overcapacity**
China has factories capable of manufacturing more than 46 million vehicles a year, but annual sales are likely to fall short of 30 million in coming years, according to S&P Global.
Exports have the potential to close the gap for companies that can afford it.
“You need to go global. Toyota did it. Ford did it. GM did it,” said Klaus Zyciora, a former Volkswagen designer who is head of design at state-owned automaker Changan. “If you are not a manufacturer that is able to bring five million units annually to the market, you will have a hard time.”
Electric vehicles on the assembly line at the BYD factory in Zhengzhou, China. Qilai Shen/Bloomberg News
BYD hopes to have 2,000 dealers in Europe by the end of 2026, up from 284 at the end of 2024. It raised $5.6 billion from shareholders last March, in part to fund the expansion.
In October, Adrian Blackburn and Kirsty Blackburn from Yorkshire, England, sold their BMW and [Fiat](https://www.wsj.com/market-data/quotes/STLA) and bought two BYDs: the Sealion 7 and the smaller Atto 2. They were looking for EVs and liked the advanced technology BYD offered at a competitive price.
“I see it as a very credible brand,” said Blackburn, an account manager for a food company. He even bought $2,500 worth of BYD stock, believing the company is the next Tesla.
The Blackburns drove their son and a friend in the Sealion 7 to a French campsite, a roughly 850-mile round trip. Recharging the battery en route cost the equivalent of around $155.
Chinese carmakers lined the halls at the Munich auto show in September, outnumbering local automakers. Geely said later it wanted to ship 200,000 vehicles from its core Chinese brands to Europe in 2027. In the first three-quarters of last year, it exported around 11,000, according to Schmidt Automotive Research.
Upmarket brands worry about the prospect of premium Chinese vehicles. “They will learn to upgrade, and then they will come in there as well,” Volvo Cars CEO Håkan Samuelsson said.
BYD electric cars awaiting export last year to South America at the Taicang Port in Suzhou, China. AFP/Getty Images
To get around protectionist measures, BYD has opened factories in Thailand and Brazil. This year, the company plans to start building cars in Hungary, Turkey and Indonesia. A third European plant is in the works, likely in Western Europe.
Rapid growth overseas, where margins are higher, has helped cushion the impact of intense competition in China. BYD sold 4.6 million cars globally last year, short of the 5.5 million it had expected. The company reported two consecutive quarters of falling profit.
The highly competitive Chinese market was likely among the reasons Berkshire Hathaway Chairman Warren Buffett, an early BYD backer, sold his company’s stake in the carmaker in recent years, according to analysts. Berkshire declined to comment.
**‘Forbidden fruit’**
Mexico is one of China’s top foreign auto markets, making up about a quarter of the estimated 1.6 million units sold in Mexico in 2025, according to industry executives. That figure includes low-cost models manufactured in China for U.S. automakers.
BYD sold its first car in Mexico almost three years ago and now ranks eighth in sales with almost 100 dealerships nationwide. Mexican buyers say the company’s vehicles are affordable and look cool. One top seller is the $22,000 BYD Dolphin Mini, which features racing-style seats, wireless phone charger and large dashboard screen.
Enrique Estévez, an Uber driver from Ciudad Nezahualcóyotl, a working-class suburb of Mexico City, sold his Toyota Yaris and bought a Dolphin Mini. Estévez said a $15 battery charge, which costs about a third of the price of a full tank of gasoline, lasts almost two days. “I’m now thinking about installing solar panels at home,” he said, looking to further trim his energy costs.
The BYD EV Dolphin Mini displayed in Mexico City. Toya Sarno Jordan/Reuters
BYD doesn’t disclose vehicle sales data for Mexico, but industry executives estimate that the company sold between 75,000 and 80,000 units in 2025—more than Ford or Honda, and nearly catching Stellantis, which sells popular models from Chrysler, Dodge, Jeep and Ram.
“They are creating a market for affordable EVs that didn’t exist,” said Justin Fischer, automotive analyst at CarEdge, a U.S.-based consumer platform.
Mexico, a major automaking hub, [thwarted BYD’s plans](https://www.wsj.com/business/autos/mexico-gets-cold-feet-over-new-chinese-ev-plant-after-trump-win-3b92f1c3?mod=article_inline) to open a local factory, fearing that a Chinese auto plant would anger Trump ahead of a review this year of the [U.S.-Mexico-Canada free-trade agreement](https://www.wsj.com/economy/trade/trump-prepares-to-start-north-american-trade-deal-renegotiation-304e0292?mod=article_inline).
On the higher end of BYD’s Mexico lineup is a model that might hit a sweet spot among American buyers—if it were available for sale in the U.S.
Nearly three million people have watched YouTube videos featuring a BYD Shark plug-in hybrid pickup from Mexico during road tests in Texas. “There’s a huge interest,” said André Smirnov of TFL Studios. TFL runs social-media channels reviewing SUVs and pickups and has highlighted BYD’s “forbidden fruit” in videos with titles such as [“The Truck the U.S. Government DOESN’T Want You to Buy.”](https://www.youtube.com/watch?v=6OfH4EN9A0E)
A 2024 launch event in Mexico City for the BYD Shark pickup. XINHUA/Zuma Press
The starting price of the BYD Shark in Mexico is around the equivalent of $51,000. It has a plug-in hybrid system, combining a turbocharged engine with dual electric motors for a range of more than 500 miles. It has specific driving modes for mud, sand and snow, as well as a 360-degree camera system to help drivers navigate tight off-road spaces.
“I can’t imagine what people would say in a blind testing with BYD models,” said Ramón Solís of Grupo Surman, which runs dealerships for BYD and other carmakers in Mexico. “U.S. consumers will soon start seeing what they are missing.”
One Mexico City showroom displays BYD models in a space once reserved for Fords.
**Slow start**
BYD, originally a battery maker, arrived in Europe more than a quarter-century ago with three employees, $30,000 and a container of batteries, according to founder Wang Chuanfu, who became one of China’s richest men. EVs didn’t show up until 2021.
When the vehicles arrived, BYD surprised rivals by emphasizing technology and features rather than price. Some EVs carried sticker prices north of $80,000, and early sales were disappointing. Stella Li, BYD’s international boss, removed the Europe chief. “We don’t wait for one quarter, six months, one year to adjust our strategy,” she said in an interview.
She recruited Altavilla, who had led the European operations of what was then called Fiat Chrysler. “I told Stella what was my experience in running a car business in Europe—that European consumers are very different from Chinese ones,” he recalled.
BYD adviser Alfredo Altavilla, left, and Stella Li, BYD senior vice president, right, during the September 2025 international car show in Munich. Massimo Paolone/LaPresse /Zuma Press
Local hires helped. Altavilla estimated that some 90% of BYD’s European staff were now Europeans. At least a dozen senior sales and marketing executives joined the Chinese company from Fiat Chrysler’s successor Stellantis, according to LinkedIn records.
BYD’s lineup added smaller cars, which Europeans typically buy, as well as plug-in hybrids for consumers leery of going fully electric. The hybrids, which are charged lower tariffs, account for nearly half of BYD’s sales in Western Europe.
“If we focus our strategy on EVs only, we will become another Tesla, with all the bumps, the ups and downs,” Altavilla said, “selling a lot in Norway, Denmark and Sweden and selling nothing in Southern Europe.”
Rather than hobbling BYD, the EU’s tariffs gave the company and its dealers a push, said Bernstein analyst Eunice Lee.
Cracking Germany’s market became a priority. In November, buyers there were offered Black Friday discounts worth the equivalent of nearly $19,000 on some models.
BYD is currently positioned in Europe as “the least Chinese of all the Chinese brands,” Altavilla said. “This concept needs to evolve into BYD becoming a real European automaker.”

Reports Positive Clinical Study Results from Phase 1B/2 PESCO Trial of MVP-S with Pembrolizumab (Keytruda (TM)) and Low-Dose Cyclophosphamide for Patients with Recurrent Epithelial Ovarian Cancer (EOC)
* **Study subject Remains in Complete Response for 3 Years**
* **Exceeds Expectations in Platinum-Resistant Ovarian Cancer Compared to Standard of Care Single-Agent Chemotherapy**
Vancouver, British Columbia--(Newsfile Corp. - January 20, 2026) - BioVaxys Technology Corp. (CSE: BIOV) (FSE: 5LB0) (OTCQB: [BVAXF](https://marketwirenews.com/stock/bvaxf/)) ("BioVaxys" or the "Company"), a clinical stage biotechnology company focused on developing advanced treatments in oncology, infectious disease, allergy, and other immune diseases based on its DPX™ antigen delivery and immune-educating technology platform, is pleased to announce positive preliminary results from the PESCO study, an investigator-initiated, open-label, non-randomized phase 1B/2 trial to evaluate the safety and efficacy of combination of BioVaxys' MVP-S with pembrolizumab (Keytruda™) and cyclophosphamide in patients with recurrent epithelial ovarian cancer (EOC).
Led by Principal Investigator Amit Oza, MD, Director of the Cancer Clinical Research Unit, Princess Margaret Cancer Centre, University of Toronto and Chair, UHN Clinical Research Collaborative Centre, the primary study objectives were safety, recommended phase 2 dose, and clinical efficacy based on disease control rate (DCR) and overall response rate (ORR). Secondary objectives included efficacy in patients with platinum sensitive (Cohort A) and platinum resistant disease (Cohort B), progression free survival (PFS) and overall survival (OS). All patients were followed for two years post-treatment vaccination, and patients with prior immunotherapy including checkpoint inhibitors such as anti-PD1, anti-PDL1, or anti-PDL2, were excluded from the study. ORR was based on RECIST 1.1 criteria.
In the Phase 1 / 2 study, patients with recurrent ovarian cancer received a novel combination of MVP-S, pembrolizumab and intermittent low dose cyclophosphamide. In all, 47 patients were enrolled, 16 in phase 1 dose escalation and 31 patients in phase 2. Regarding primary study endpoints, the ORR was 24% and the DCR was 82% among patients with high grade endometrial cancer, with median duration of response of 5.5 months among responders. Of note, the benefit was more pronounced in patients with platinum-sensitive disease, who achieved an ORR of 40% and a DCR of 90%. Even among patients with platinum-resistant disease, from the phase 1 dose escalation and cohort B (n=24), outcomes exceeded expectations with an ORR of 16% and a DCR of 54%, compared to standard of care single-agent chemotherapy which typically achieves an ORR around 11.8%.^(4)
Of major significance, the longest detected immune response lasted 195 weeks for a patient in Cohort A, with this patient remaining in complete response for 3 years following the first cycle of therapy. MVP-S induced survivin-specific immune responses in 62% tested patients and were correlated with disease control in 93% of patients.
Epithelial ovarian cancer (EOC), characterized by a pattern of relapse and progression through successive recurrences, has overall poor survival due to late detection, high heterogenicity and development of resistance, highlighting the urgent need for novel treatment strategies. New advances, such as immune checkpoint inhibitor monotherapy, have demonstrated only limited efficacy in treating ovarian cancer. A phase 3 clinical study of the immune checkpoint inhibitor nivolumab reported a lower ORR of 8% compared to an ORR of 13% with the chemotherapeutics gemcitabine or doxorubicin, without improving OS and with worse progression-free survival in patients with recurrent epithelial ovarian cancer.^(1) Recent studies with checkpoint inhibitors, such as anti PD-1, with immunotherapeutic cancer vaccines demonstrates the potential to expand antigen-specific T-cells and inhibit regulatory T-cells (Tregs), thereby enhancing the overall tumor immune response^(2). Additional studies have shown a synergistic effect between checkpoint inhibitors and cancer vaccines, thus positioning these combinations for further exploration, with the optimization of these combinations reliant on selection of the ideal cancer vaccine antigens.^(3)
Survivin, a tumor-associated antigen, is highly expressed in ovarian and other cancers but nearly undetectable in normal tissues, making it a promising target for ovarian cancer immunotherapy. Designed to target and eliminate survivin-expressing tumor cells, BioVaxys' maveropepimut-S (MVP-S) is a DPX-based vaccine immunotherapy that induces a cytotoxic T-cell response. DPX is a non-aqueous, non-systemic, lipid-in-oil immune educating antigen delivering platform that is the foundation of BioVaxys' oncology and infectious disease product pipeline. MVP-S is a DPX-based formulation of five peptides derived from survivin, a T helper peptide, and an innate immune stimulant, which delivers instruction to the immune system to generate a specific, robust, and persistent immune response. MVP-S has been shown to be well tolerated and has demonstrated activation of a targeted and sustained, survivin-specific anti-tumor immune response in multiple cancer indications, such as in BioVaxys' recent phase 1 study of MVP-S with neoadjuvant hormone therapy in HR(+) / HER2(-) stage II-III breast cancer.
Kenneth Kovan, President & Chief Operating Officer of Biovaxys, says: "The combination of MVP-S, pembrolizumab and low dose cyclophosphamide in endothelial ovarian cancer demonstrated promising and sustained clinical activity with good tolerability. Other studies suggest that anti-PD1 enhances the robust antigen-specific, cytotoxic immune response already induced by MVP-S. These findings reinforce survivin as a viable target for immunotherapy in ovarian cancer, together with checkpoint inhibitors such as anti PD-1."
The BioVaxys DPX platform is a major innovation in vaccine development that offers a solution to limitations faced by vaccines using other antigen delivery methods. The DPX platform presents antigens to the immune system using a novel non-systemic mechanism of action that does not release active ingredients at the site of the injection, but rather forces an active uptake of immune cells and delivery into the lymphatic nodes. The programming of immune cells happens in vivo and offers a more efficient approach that mimics the natural function of the immune system. This "no release" mechanism allows for an active uptake of antigens into immune cells and lymph nodes for a sustained activation of the immune system in which the T cell flow is sustained over a longer duration than traditional vaccines on the market.
1. Hamanishi J., et al. Nivolumab vs. Gemcitabine or Pegylated Liposomal Doxorubicin for Patients with Platinum-Resistant Ovarian Cancer; Open-Label Randomized Trial in Japan (NINJA). J Clin Oncol. 2021 Nov 20;39 (33):3671-81.
2. Weir GM, Stanford MM, Mansour M, Quinton T, Hrytsenko O, Berinstein NL, Anti-PD-1 increases the clonality and activity of tumor infiltrating antigen-specific T cells induced by a potent immune therapy consisting of vaccine and cyclophosphamide. J Immunotrher Cancer. 2016 Dec;4(1):68
3. Rixe O, et al. Abstract CT035: Safety, preliminary efficacy and pharmacodynamic analysis of MVP-S, intermittent low dose cyclophosphamide, and pembrolizumab in advanced bladder cancer. Cancer Res. 2022 Jun 15;82(12\_Supplement):CT035-CT035.
4. Pujade-Lauraine et al. Bevacizumab combined with chemotherapy for platinum-resistant recurrent ovarian cancer: The AURELIA open-label randomized phase 3 trial. J Clin Oncol Off J Am Soc Clin Oncol. 2014 May 1;32(132):1302-8.
**About BioVaxys Technology Corp.**
BioVaxys Technology Corp. ([www.biovaxys.com](https://api.newsfilecorp.com/redirect/LqmqOhnojg)), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it's HapTenix© tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization for food allergy, and other immunological diseases. Through a differentiated mechanism of action, the DPX™ platform delivers instruction to the immune system to generate a specific, robust, and persistent immune response. The Company's clinical stage pipeline includes maveropepimut-S (MVP-S), based on the DPX™ platform, in phase IIB clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant Ovarian Cancer. MVP-S delivers antigenic peptides from the survivin family, a set of well-recognized cancer antigens commonly overexpressed in advanced cancers, and also delivers an innate immune activator and a universal CD4 T cell helper peptide. MVP-S has been well tolerated and has demonstrated defined clinical benefit in multiple cancer indications as well as the activation of a targeted and sustained, survivin-specific anti-tumor immune response. BioVaxys is also developing DPX™+SurMAGE, a dual-targeted immunotherapy combining antigenic peptides for both the survivin and MAGE-A9 cancer proteins to elicit immune responses to these two distinct cancer antigens simultaneously, DPX™-RSV for Respiratory Syncytial Virus, DPX+rPA for peanut allergy prophylaxis, and BVX-0918, a personalized immunotherapeutic vaccine using its proprietary HapTenix© 'neoantigen' tumor cell construct platform for refractive late-stage ovarian cancer.
BioVaxys common shares are listed on the CSE under the stock symbol "BIOV" and trade on the Frankfurt Bourse (FSE: 5LB0) and in the U.S. on the OTC Markets (OTCQB: BVAXF). For more information, visit [www.biovaxys.com](https://api.newsfilecorp.com/redirect/oPqPYT01g1) and connect with us on X and LinkedIn.
Link to News & Disclaimer: [https://marketwirenews.com/news-releases/biovaxys-reports-positive-clinical-study-results-fro-4601800385716755.html](https://marketwirenews.com/news-releases/biovaxys-reports-positive-clinical-study-results-fro-4601800385716755.html)

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