According to a report by Reuters, BYD accounted for more than a quarter of electric vehicles (EVs) sold in Southeast Asia. Citing data from Counterpoint Research, 26% of all EVs sold in the region were from BYD, with the Atto 3 being an important model to this achievement.
The data also revealed Thailand to be BYD’s largest export country as it accounted for 24% of the Chinese EV maker’s foreign sales in the second quarter of 2023 from April to June. EVs made up 6.4% of all passenger vehicle sales in Southeast Asia in the second quarter, up from 3.8% in the previous quarter from January to March.
Reuters also pointed out that along with attractive pricing, BYD’s success is based on distribution partnerships with large, local conglomerates, which have allowed it to increase reach, test consumer preferences and meet complex government regulations in the region. It pointed out BYD’s regional distributors, which include Sime Darby in Malaysia and Singapore, Bakrie & Brothers in Indonesia, Ayala Corp in the Philippines and Rever Automotive in Thailand.
Chee-Kiang Lim, managing director for China at auto sales consultancy Urban Science, said Southeast Asia is a region where Chinese car brands do not have an established track record. “If buyers are unsure or have any concerns, partnering with established players like Sime Darby, Bakrie & Brothers, or Ayala Corp will give them the peace of mind, especially for aftersales support,” he said.
BYD has already said it will put up 17.9 billion baht (around RM2.3 billion) to set up a new production facility in Rayong, Thailand, which is expected to roll out 150,000 cars annually from 2024 for domestic and export markets. The company also recently introduced the Seal in Thailand and Singapore, which will rival the Tesla Model 3.
The post BYD accounted for 26% of all EVs sold in Southeast Asia in Q2 2023 – Thailand is largest export market appeared first on Paul Tan's Automotive News.
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