Friday, July 12, 2024

BYD Launches Third Electric Vehicle in Japan, Introduces Seal Electric Sedan

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China’s BYD Co. has launched its third electric vehicle in Japan, the Seal electric sedan, in an effort to gain traction in a market largely dominated by hybrids and domestic brands.

The Seal electric sedan went on sale for ¥5.28 million ($33,100) with a battery capacity of 82 kilowatt hours, with an all-wheel drive model priced at ¥6.05 million.

See also: BYD Finalizes Plans to Enter South Korean Passenger EV Market with Three Models

BYD Seal. (Credit: BYD)

BYD has faced challenges in the Japanese passenger vehicle market, where hybrids remain popular and loyalty to domestic brands like Toyota Motor Corp. is strong. In 2023, BYD registered 2,206 new vehicles in Japan, significantly lower than the 34,000 units sold of Nissan Motor Co.’s Sakura, the country’s most popular EV. Sales in Japan for BYD fell by 26% in April and 28% in May compared to the previous year.

The Seal’s pricing in Japan is comparable to Tesla Inc.’s Model 3, which is priced at about ¥5.3 million, while the gasoline-powered Toyota Corolla starts at ¥2 million.

See also: BYD Auto Japan Introduces Updated Atto 3 Electric SUV and Opens New Tokyo Showroom

Credit: BYD

Expanding into markets like Japan is increasingly crucial for Chinese EV makers as they face challenges in North America and Europe. The US has imposed tariffs of over 100% on Chinese EVs, effectively barring them from the country, and Canada is considering similar measures. The EU has also proposed raising tariffs on Chinese electric cars to as high as 48% later this year.

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