Credit: CFP
BEIJING, January 17 (TMTPOST)—Chinese automaker BYD will officially launch two passenger vehicles in Indonesia on Thursday following its rollout of commercial buses, expanding its presence in Southeast Asia.
Europe and Southeast Asia are key markets for China's new energy vehicle (NEV) exports, and BYD has been strategically positioning itself in Southeast Asia. In 2023, BYD delivered 500 electric vehicles, including the E6 and T3 models, to Indonesia's Blue Bird taxi service and supplied 22 K9 electric buses to Indonesian EV dealer VKTR Group.
The upcoming launch on Thursday will be BYD's first appearance in Indonesia, signaling its active participation in the local passenger car market and confirming Indonesia as a part of BYD's long-term global business expansion, according to the automaker.
Luhut, Indonesia's Minister of Maritime Affairs and Investment, praised BYD's vehicle quality, commenting that it has surpassed Tesla as the best-selling global electric vehicle manufacturer in 2023. He emphasized using this opportunity to accelerate EV adoption in Indonesia.
Specific details about the event are still being arranged. However, local sales personnel disclosed that the models to be launched include BYD Atto 3, similar to the domestic Yuan Plus, BYD Dolphin, and BYD Seal. The specifications of the three models are expected to be basically consistent with their global versions, with minor adjustments in features.
The Indonesian electric vehicle market is still in its infancy, with relatively low sales and a penetration rate below the Association of Southeastern Asian Nations (ASAN) average. Data show that 8,209 electric vehicles were sold in Indonesia in the first eight months of 2023. Wuling and Hyundai dominate the market. According to Gaikindo, Ioniq 5 Signature Extended from Hyundai became Indonesia's best-selling pure electric vehicle model from January through August 2023, with sales of approximately 3,800 units, followed by Wuling Hongguang EV Long Range, exceeding 2,100 units during the same period.
Indonesia, rich in nickel and other mineral resources, aims to leverage these resources to foster a local electric vehicle ecosystem and has set an ambitious goal to produce 600,000 electric vehicles by 2030. In recent years, the government has introduced tax incentives to attract automakers' investments. BYD, SAIC-GM-Wuling, Chery, Great Wall Motors, and Neta have presence in the Indonesian market.
Also, Thailand is one of the most concentrated areas for Chinese new energy vehicle investments, with SAIC-GM-Wuling, Changan Auto, BYD, Nezha, and others establishing a presence after entering the Thai market through trade. BYD's Thai factory is expected to start production in 2024, focusing on right-hand-drive vehicles with an annual capacity of 150,000 units.
BYD is making significant efforts in multiple overseas markets. On January 12, Harmony Auto (3836.HK), BYD's Hong Kong service center covering approximately 20,000 square feet, officially opened. BYD's Hong Kong operation director Zhang Jingrong revealed that the brand』s three electric vehicle models, Atto 3, Dolphin, and Seal are being sold, with plans to add two more models within six months.
He noted that compared to European brands, BYD is well-received by Hong Kong customers. BYD's aftersales service system in Hong Kong will cover more regions such as Kowloon Central, Northern New Territories, and Central Hong Kong Island.
The new energy vehicle sector has emerged as a key growth driver for China. In 2023, both the production and sales of new energy vehicles in China recorded significant figures of 9.587 million and 9.495 million units, respectively. These figures represent notable year-on-year growth rates of 35.8% and 37.9%.
BYD has secured a leading position China, achieving sales exceeding 3 million units in 2023 and holding a market share of over 30%. In particular, BYD's performance in the overseas market has been outstanding, with exports reaching 252,000 units in 2023, recording an impressive year-on-year growth of 330%.
