BYD currently has an expanding list of countries and regions which the company adds to its export destinations which include North and Southeast Asia, Latin America, Europe, and Australia
China’s electric car giant BYD enters the Malaysian market with a $113 million deal with Sime Darby motors. BYD will bring its leading Atto 3 to the Malaysian market, with the extended-range version at 167,800 ringgit and the basic model priced at 148,800 ringgit. Sime Darby will be BYD’s distributor in Malaysia, with plans of opening the first showroom this month and the company plans to expand its dealership from twenty to forty by 2024.
BYD currently has an expanding list of countries and regions that the company adds to its export destinations, including North and Southeast Asia, Latin America, Europe, and Australia. BYD has also announced its entry into Chile, Brazil, Japan, Israel, Germany, and India. Southeast Asia has broadly become a market where many electronic vehicle manufacturers compete to have their foothold.
BYD in September announced its plans to build its first out-of-the-country electric passenger car plant in Rayong, a city in Bangkok. Other than BYD many other Chinese companies including Great Wall Motor began their production line in Rayong and Hozon New Energy Automobile Co, the Shanghai-based startup opened its first showroom in Thailand.
Thailand, the new EV manufacturing destination
Thailand has recently become a new destination for Electronic Vehicle manufacturers, especially from China, as more brands look for further growth and expansion outside their home country. Automakers in China are not just developing plants and manufacturing, but the companies are also exporting a high number of new-energy vehicles to Thailand and the numbers went up from January through September reaching an extra 176% from 2021 statistics, reports Bloomberg. Thailand is now emerging as the third export destination for Chinese Electronic Vehicle manufacturers after Belgium and the UK.
Expanding and exploring the possibilities
BYD is on a relentless path to dominate the world’s Electronic Vehicle market. Berkshire Hathaway had predicted that the EV manufacturing company will see record vehicle sales, profits, and revenue earnings driven by the demand for its inexpensive EVs available in China’s markets. BYD is also expanding into luxurious brands targeting the premium market and setting itself up against the titan, Tesla.
The company is also publicizing a new brand that will cater to the diversified demands of its customers. The Chinese EV manufacturer has managed to endure most production interruptions even when other companies were struggling with China’s strict anti-Covid measures, mostly because of its vertically integrated supply chain. Production and deliveries hit another record in November, topping around 200,000 vehicles.
Will BYD exceed Tesla records?
The rise of Tesla and the current speed of its growth could put forward the possibility that the company could be a match or even exceed Tesla’s Electronic Vehicle sales by the quarter of the advancing year. Even if profitability and revenue are less compared to that of Tesla, experts predict that the gap would be bridged by the increasing line-up and improving production capacity.
Talks accumulate about the EV manufacturer’s decision to build a battery plant in the US despite its decision to not begin selling its electronic cars there. Biden’s Inflation Reduction Act could be a hard blow as it limits the reliance on Asia’s biggest economy. Despite being one of the top EV manufacturers with highly advanced technology and an integrated supply chain system BYD could incur losses from the Inflation Reduction act as the government aims to rebalance the sector away from China.