Chinese electric vehicle (EV) giant BYD is planning an aggressive expansion in the Association of Southeast Asian Nations (ASEAN) region, with a particular focus on Singapore and the Philippines. The company, which recently entered the Indonesian market, aims to double its sales outlets in Singapore and the Philippines by 2024.
BYD's Strategy for ASEAN Market
James Ng, BYD’s Managing Director for Singapore and the Philippines, has highlighted the company's strategy to establish a stronger presence in the ASEAN market. The cultural alignment between the ASEAN market and China has played a crucial role in BYD's success, as consumer behavior in the region reflects recognition of BYD's products.
Unveiling the Yuan Up
BYD recently unveiled a new compact electric SUV called the Yuan Up, which is poised for mass market appeal. This launch marks a significant milestone in BYD's journey in the ASEAN region. The company has formed local partnerships with Sime Darby Motors in Singapore and the Philippine conglomerate Ayala to facilitate the sale of its EVs.
Expansion Plans
In the Philippines, BYD aims to expand its network by adding more than 20 sales points, while in Singapore, plans include opening two or three additional outlets. BYD has already achieved success in Singapore, where it registered over 1,400 cars in 2023, making it the top EV brand in the country, surpassing even Tesla. The EV market in Singapore has experienced significant growth, with electric vehicles accounting for over 18% of new car registrations in 2023, a substantial increase from 2021 levels.
Collaboration for Skilled Technicians
To support the growing demand for skilled technicians in Singapore, BYD has collaborated with NTUC LearningHub to launch a facility for EV mechanic training. The goal is to train 500 people annually in EV maintenance, aligning with BYD's commitment to the region.
BYD's Dedication to Localization
BYD's Managing Director, James Ng, emphasized the company's dedication to learning from its successes in Singapore and applying best practices for localization when expanding in the Philippines. With plans to open more than a dozen passenger car sales outlets in Singapore and the Philippines in 2024, BYD aims to strengthen its market position and contribute to the booming EV landscape in ASEAN.
