BYD Conquers Southeast Asia: Accounts For 26% of All EV Sales

BYD is rapidly expanding its presence throughout Southeast Asia, quickly establishing itself as the electric vehicle (EV) leader of the region.

The Chinese automaker has formed distribution alliances with large conglomerates in a number of Southeast Asian countries. This approach has enabled it to broaden its reach, navigate complex government regulations, and test consumer preferences. The strategy, combined with low prices, has helped BYD see a massive success in Southeast Asia.

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According to Reuters data, BYD models accounted for 26% of all EVs sold in Southeast Asia in the second quarter of 2023. The BYD Atto 3 was the region’s best-seller, and the proliferation of new BYD models resulted in EVs accounting for 6.4% of all new passenger vehicle sales in Southeast Asia in the second quarter, up from 3.8% in the first quarter.

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In addition, the newly introduced BYD’s Seal electric sedan and Dolphin electric hatchback are also gaining popularity in the Southeast Asian region. Commenting on the success, Soumen Mandal, the senior analyst of Counterpoint Research said:

“BYD’s primary focus is on brand proliferation rather than optimizing profit margins.”

BYD is currently investing $500 million in Thailand to construct a factory that will be able to produce up to 150,000 electric vehicles annually starting in 2024 and export them to markets throughout Southeast Asia as well as Europe. It has collaborated with leading distributors like Sime Darby in Malaysia, Ayala Corp in the Philippines, Rever Automotive in Thailand, and Bakrie & Brothers in Indonesia.

Related: BYD Yuan Plus (Atto 3) Surpasses 500,000 Units Production Milestone

Thailand appears to be a particularly strong market for BYD vehicles. In fact, 24% of BYD’s second-quarter international sales came from this country. Additionally, BYD is pursuing an especially intriguing strategy in Singapore where it has opened five “BYD by 1826” showrooms that also function as restaurants.

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