It will continue to manufacture parts for its existing fleet, however.
China currently has a significant lead over any other country when it comes to EV manufacturing. For proof, look no further than Build Your Dreams (BYD), which recently ended the production of combustion-only cars.
A host of automotive manufacturers, including Tesla, have started building cars in the east, joining a bunch of existing Chinese EV manufacturers.
BYD is currently China's largest EV producer. Last month it sold 53,664 EVs in China, roughly double what the Tesla Model Y manages in a month. Include its plug-in hybrid offerings, and the figure increases to 104,878 cars.
With the above in mind, it's not hard to see why BYD is ditching its range of ICE vehicles to focus on new energy vehicles.
BYD has an interesting naming structure for its cars. The PHEVs are part of the "Warship" range, while the full EVs are part of the "Marine Life" range. Its best-selling PHEV is called The Destroyer, which is highly ambitious considering it's a humble sedan that's less intimidating than a sleeping baby.
Still, once you look at The Destroyer's claimed figures, you can see why it sells so well in China. This plug-in hybrid has claimed an EV range of 75 miles, which is much more than the average person needs daily. These aren't EPA figures, so it's doubtful it will receive the same rating in the USA.
BYD is also a part of a group of automotive manufacturers that have pledged to phase out internal combustion engines by 2040. Other manufacturers on this list include Jaguar Land Rover, Volvo, Ford, and Mercedes-Benz.
BYD made it clear that it won't stop producing parts for all of the ICE cars it has built since the company was founded in 2003. BYD will also continue to service the existing fleet via its dealer network.
One question remains, however. Will BYD start exporting its cars to the USA at some point in the future? Chinese cars still have a dodgy reputation, though BYD has gained the trust of an automotive legend.
BYD and Toyota have partnered up to build next-generation EVs, including the bZ4X EV.