Updated January 19th, 2024 at 11:16 IST
China's BYD launches 3 EV models in Indonesia
In 2023, the automotive subsidiary of BYD Company sold 3.02 million electric vehicles
EV Launches: In a move to expand its footprint in Indonesia, BYD, the world's top electric vehicle (EV) manufacturer, on January 18 unveiled three battery EV models in Southeast Asia's biggest economy.
The Chinese carmaker BYD overtook Tesla as the world's largest EV maker in the fourth quarter. The majority of the 5,26,000 vehicles it sold during the period took place in the Chinese market.
In 2023, the automotive subsidiary of BYD Company sold 3.02 million electric vehicles, including battery EVs and plug-in hybrids.
In the Southeast Asian market, the company has been outperforming other automakers in EV sales, on the backs of solid sales in the affordable vehicle segment and partnerships with local distributors.
BYD, which has been offering electric buses and taxi fleets through local Indonesian partners, said it would start selling the Dolphin hatchback, the Atto 3 sport utility vehicle and the Seal sedan in that country.
The Indonesian automobile industry is presently seeking to boost EV adoption, and infuse investment into local battery production and EV supply chains to leverage the nation's rich reserves of nickel, a key battery material.
Chief Economic Minister, Airlangga Hartarto, said that the company was planning to invest $1.3 billion in facilities with a production capacity of 1,50,000 vehicles.
Eagle Zhao, BYD's Indonesia President, said the company was on track to build the facilities this year as scheduled and would also establish a sales network of up to 50 outlets across the country by the latter half of 2024.
(With Reuters Inputs)
Published January 18th, 2024 at 12:54 IST