China's BYD, main rival to Tesla, storms into Indonesia with 3 new EVs
BYD, the world's biggest electric vehicle (EV) manufacturer, has introduced three new models in the Indonesian car market in a bid to further strengthen its position here and continue with its plans of global expansion. BYD recently overtook Tesla as the global EV leader in the fourth quarter of 2023 and is banking on its performances on foreign shores to help it retain the crown.
BYD has traditionally played strong on its home turf of China and has been bolstered by demand for EVs here. But in recent years, it has also attempted to spread its footprint in markets abroad. From the US to select European markets as well as India and Indonesia, BYD is looking at not just offering its models but establishing manufacturing facilities too. As such, Indonesia is of particular significance as the country is looking at bolstering its EV adoption rate.
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Indonesia has been working on attracting foreign players to establish battery-manufacturing facilities in the country and to also bolster EV supply chains. Its reserves of nickel, a key component in battery manufacturing processes, puts the country in a position of strength. But beyond just these large-scale investments, it needs locals to actually buy zero-emission vehicles.
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BYD sees potential in offering its EVs. In its first push, the company has driven out its Dolphin hatchback, the Atto 3 SUV and the Seal sedan. It is important to note here that the company previously only offered electric buses and taxi fleets in Indonesia through local partners. Now, and according to a minister in the Indonesian government, the Chinese company has confirmed plans of investing $1.3 billion into multiple facilities with the main EV manufacturing plant capable of rolling out 1.50 lakh units each year. The scale is such that BYD may also use this as a base to ship out EVs to other markets in south-east Asia.
BYD also reportedly plans to have a sales network of up to 50 outlets across the country by the end of 2024.
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