BYD Is Set To Overtake Tesla's Lead In Southeast Asia
- by Latest on SAYS
- Jul 25, 2024
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Chinese electric car manufacturer BYD may soon surpass Tesla as the leading electric vehicle (EV) brand in Southeast Asia Image via AutoApp
The company has opened two restaurants featuring dishes inspired by its car models and offering test drives.
In the first half of this year, BYD's EV sales in Singapore surged 83% compared to the total for 2023, reaching 2,587 units. In contrast, Tesla sold just 28 more cars than last year, totaling 969 Teslas on the roads.
Another reason why BYD is climbing the charts in Singapore is because of the minimal price difference between BYD and Tesla, as car owners need to purchase a certificate that costs around SGD100,000 (RM345,839).
However, experts predict that BYD's reign may be short-lived
BYD's dominance might be temporary due to restrictive US and European Union tariffs, which confine the Chinese automaker's growth to Asia and emerging markets, according to Bloomberg.
With the slowing demand for battery EVs, internal combustion engines, including hybrids, will continue to generate profits for traditional automakers like General Motors, Volkswagen, and Ford, potentially leading to more share buybacks or takeover activities, noted Bloomberg's senior European auto analyst, Michael Dean.
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If you're wondering how Tesla is performing in Malaysia, you can check out this article:
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