Chinese electric vehicle manufacturer BYD has surged ahead of the American giant Tesla in the Southeast Asian electric car market, according to a report by Reuters, citing data from Counterpoint Research. BYD now commands a 26 percent share of the region’s electric car sales, largely attributed to the popularity of its Atto 3 model.
The BYD Atto 3, with a starting price of approximately $US30,000 ($AU46,600) in Thailand, has proven to be a more cost-effective choice for consumers compared to Tesla’s entry-level Model 3, priced at $US57,500 ($AU89,300) in the same market.
Thailand has emerged as a pivotal market for BYD, accounting for 24 percent of the company’s foreign sales in the second quarter of 2023 (April to June), establishing itself as BYD’s largest export destination. In a similar vein, Australia contributed significantly to BYD’s overseas sales, constituting 11.5 percent of the total during the same period.
In the Australian market, the BYD Atto 3 starts at $48,011 before on-road costs, while the Tesla Model 3 commences at $61,900 plus additional on-road expenses.
BYD has also been making strides in Indonesia, aiming to secure government contracts for electric buses, signaling its ambition for expansion. Counterpoint Research Senior Analyst Soumen Mandal shed light on BYD’s strategy, stating, “At present, BYD’s primary focus is on brand proliferation rather than optimizing profit margins. By providing local dealers with more lucrative profit margins, BYD can cultivate trust and loyalty, paving the way for broader expansion.”
However, while BYD has made impressive strides, it still faces a significant gap before potentially catching up with Tesla. Year-to-date sales data reveals that BYD has sold 8004 electric vehicles, while Tesla has outpaced with 32,820 units sold.
