BYD is investing nearly $500 million in Thailand to construct a new factory, which, starting from 2024, will produce 150,000 electric vehicles annually for export to Southeast Asia and European markets.
Data from the market research firm, Counterpoint, reveals that in Q1 of this year, Chinese electric vehicle sales accounted for nearly 75% of the entire Southeast Asian electric vehicle market. In the second quarter, electric vehicle sales in Thailand constituted 24% of BYD's overseas sales, with BYD ATTO 3 (also known as Yuan PLUS) becoming the best-selling electric vehicle in the region.
One of the reasons for its success is the price point. The BYD Yuan PLUS is priced at $30,000 in Thailand, while the base model of the Tesla Model 3 stands at a much steeper $57,500. Another contributing factor is BYD's approach to the Southeast Asian market. Opting for a "collaborative distribution" model, the company partners with local giants. This not only allows BYD to more rapidly adapt to complex local laws and regulations but also speeds up the expansion of their distribution network.
It's reported that BYD's current partners in the Southeast Asian region include multiple multinational groups from Malaysia, Indonesia, and the Philippines. A representative of the automotive division of the Philippines' Ayala Corp, under AC Motors, mentioned that the company plans to open dozens of BYD dealerships in the Philippines within the next 12 months.
In the first half of this year, BYD's overseas sales totaled 74,300 units. With the expansion of the distribution network, this number is expected to continue rising in the future.
