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Electric-car buyers in Southeast Asia are firmly favouring BYD cars – but Tesla still has a stronghold in Australia.
Tesla may be the world’s largest seller of electric vehicles globally, but Chinese brand BYD has overtaken the US car-maker in Southeast Asia.
According to a report from news outlet Reuters – citing data from Counterpoint Research – BYD now accounts for 26 per cent of all electric cars sold in the region, thanks to its Atto 3 model.
The BYD Atto 3 is priced from approximately $US30,000 ($AU46,600) in Thailand, compared to the entry-level Tesla Model 3, which is priced in Thailand from $US57,500 ($AU89,300).
Thailand accounted for 24 per cent of BYD’s foreign sales in the second quarter of 2023 (April to June), making it the company’s largest export country, according to the report.
Based on sales data published by BYD, Australia accounted for 11.5 per cent of BYD’s overseas sales over the same period.
In Australia, the BYD Atto 3 starts from $48,011 before on-road costs, while the Tesla Model 3 starts at $61,900 plus on-road costs.
It’s understood BYD has also been attempting to establish a foothold in Indonesia, with the company targeting government contracts for electric buses.
“At present, BYD’s primary focus is on brand proliferation rather than optimising profit margins,” Counterpoint Research Senior Analyst Soumen Mandal told Reuters.
“By providing local dealers with more lucrative profit margins, BYD can cultivate trust and loyalty, paving the way for broader expansion.”
While it’s had an impressive start in Australia, BYD still has a long way to go before it overtakes Tesla. So far this year, the Chinese brand has sold 8004 electric vehicles, compared to 32,820 sold by Tesla.
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