China’s BYD unveils new EVs electric cars in Indonesia, aims to become market leader

China’s BYD, the world’s biggest electric vehicle maker, on Thursday unveiled three battery EV models in Indonesia as it looks to become the market leader in the segment in Southeast Asia’s largest economy.

BYD overtook Tesla to become the world’s top EV maker in the fourth quarter, with the majority of the 526,000 vehicles it sold in the China market.

In 2023, the Chinese company is expected to sell 3.02 million electric vehicles, including battery EVs and plug-in hybrids.

BYD Indonesia president Eagle Zhao said the company aims to achieve the same market-leading position in Indonesia that it has achieved globally.

“Of course we should have this kind of very aggressive target in Indonesia as well,” he told reporters.

Chinese automaker Wuling Motors’ Air EV and South Korea’s Hyundai Motor’s Ioniq 5 were the two best-selling battery electric cars in Indonesia last year.

In Southeast Asia, BYD is outperforming other automakers in EV sales on the back of affordable models and partnerships with local distributors.

The company is offering electric buses and taxi fleets through local Indonesian partners, and said it will now also start selling the Dolphin hatchback, Eto 3 sport utility vehicle and Seal sedan.

Indonesia aims to accelerate EV adoption and attract investment in local battery production and EV supply chains that can take advantage of rich reserves of nickel, the key battery material.

Chief Economic Minister Airlangga Hartarto said in a video message at Thursday’s launch event that BYD was planning to invest $1.3 billion in facilities with a production capacity of 150,000 vehicles.

BYD’s Zhao said the company is on track to build the facilities later this year as scheduled and will set up a sales network of up to 50 outlets nationwide by the end of 2024.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)