China’s BYD, the largest electric vehicle manufacturer globally, introduced three battery electric vehicle models in Indonesia on Thursday as the company aims to establish itself as the market leader in Southeast Asia's largest economy.
BYD surpassed Tesla (NASDAQ:TSLA) in the fourth quarter, becoming the world's leading electric vehicle maker, with a majority of its 526,000 vehicle sales directed to the Chinese market. In 2023, the Chinese firm achieved a remarkable sales figure of 3.02 million electric vehicles, encompassing both battery electric vehicles and plug-in hybrids.
BYD is leading in electric vehicle sales in Southeast Asia due to affordable models and partnerships with local distributors. The company, already offering electric buses and taxis through Indonesian partners, is now introducing the Dolphin hatchback, Atto 3 SUV, and Seal sedan in the region.
This aligns with Indonesia's goal to boost electric vehicle adoption, attract investments in local battery production, and utilize its nickel reserves for EV supply chains.
Chief Economic Minister Airlangga Hartarto announced in a video message during Thursday's launch event that BYD intends to invest $1.3 billion in facilities capable of producing 150,000 vehicles.
According to BYD's Zhao, the company is on schedule to construct these facilities later this year and aims to establish a network of up to 50 outlets nationwide by the end of 2024.