Chinese electric vehicle giant BYD is open to acquiring a competing manufacturer and setting up shop to produce cars in Canada—but not if it means entering a joint venture with another company.

“The Shenzhen-based automaker is studying the Canadian market for a potential manufacturing facility, although no decision has been made,” Bloomberg News reports, citing an interview with BYD Executive Vice President Stella Li.

“Perhaps more striking than the Canada factory talk is Li’s candid acknowledgment that BYD is evaluating potential acquisitions of established automakers,” Electrek writes. “Several American, European, and Japanese manufacturers are struggling under the financial strain of maintaining both combustion and electric vehicle product lines simultaneously.”

But while “we’re open to every opportunity we have,” Li said, “I don’t think a JV [joint venture] will work.”

In mid-January, Prime Minister Mark Carney agreed to sharply reduce tariffs on electric vehicle imports from China, while China offered up tariff relief for Canadian canola, peas, pork, and seafood. At the time, Canadian observers predicted lower EV prices and possible long-term advantages for the country’s automotive industrial base.

Canada agreed to slash duties on up to 49,000 Chinese EVs per year to a “most-favoured-nation tariff rate” of 6.1%, Carney’s office said in a release. The imports will amount to less than 3% of annual new vehicle sales in Canada, but “will drive considerable new Chinese joint-venture investment in Canada with trusted partners to protect and create new auto manufacturing careers for Canadian workers, and ensure a robust buildout of Canada’s EV supply chain,” the PMO said.

Days later, Carney said he saw the deal as an opportunity for Ontario’s automaking heartland. “We’ve had direct conversations directly from the Chinese companies… with explicit interest and intention to partner with Canadian companies,” he told media during a stopover in Doha, Qatar. “We’ll see what comes to pass. This is an opportunity for Ontario. It’s an opportunity for Ontario workers, opportunity for Canada, done in a controlled way with a modest start.”

Now, Bloomberg says BYD is looking at expanding its reach in overseas markets where it can repeat the “Brazil model”, a marketing and sales approach that has worked well for it in South America and Europe. “Buying existing production capacity with trained work forces is faster and cheaper than building greenfield—and BYD appears to be applying the same logic globally,” Electrek explains.

One place the company isn’t considering an expansion is the United States, a “complicated environment” where tariffs on Chinese-made vehicles exceed 100% and connected car technology is banned.

BYD’s sales fell 36%, to 400,241 vehicles, in the first two months of this year, both news outlets say. “But exports gained momentum, and the company is targeting 1.3 million overseas vehicle sales for the full year,” Electrek reports. “Li said BYD’s recently launched next-generation Blade Battery and ultra-fast flash charging architecture, capable of delivering up to 1,500 kW, will help reverse the domestic sales dip.”