BYD currently has a network of more than 10 dealers in the Philippines and seven in Singapore.
(Image credit: CnEVPost)
BYD (OTCMKTS: BYDDF) hopes to open more than a dozen passenger car sales outlets in Singapore and the Philippines this year alone, roughly doubling the current number, Nikkei Asia reported today, citing the company's managing director for both markets, James Ng.
BYD has a network of more than 10 dealers in the Philippines and plans to add more than 20 sales points of sale this year, Ng said, according to Nikkei Asia.
The new energy vehicle (NEV) maker plans to open two or three more outlets in Singapore, up from its current seven outlets, Ng said.
BYD has been in Singapore for a decade and has recently made efforts to raise its profile among local customers, the Nikkei Asia report noted.
Last August, BYD opened a cafe and showroom in a shopping mall in the center of Singapore, adjacent to another mall where Tesla has a showroom in the city.
In Singapore and the Philippines, BYD is partnering with local dealers to sell electric vehicles, and has formed partnerships with Sime Darby Motors and the Philippine conglomerate Ayala to expand its passenger car sales network.
Ayala struck a deal last year to sell BYD's vehicles in the Philippines. Under the agreement, Ayala's automotive arm AC Motors is expected to handle the sales and maintenance of BYD's EVs through its network, the Nikkei Asia report noted.
So far, BYD has launched models including the Atto 3, Dolphin and Seal in Singapore.
When it launched the Dolphin and Seal in Singapore last year, BYD did so in partnership with local dealer Vantage Automotive.
In the Philippines, BYD launched the Atto 3 in the Philippines on November 17, 2023 with AC Motors.
The Atto 3 was launched on February 19, 2022 as the Yuan Plus in China. The model is the first SUV of BYD's all-electric platform, e-platform 3.0, and its first model built for the global market.
BYD is China's largest NEV maker, selling a record 341,043 NEVs in December, bringing full-year 2023 sales to 3,024,417 units.
It sold 36,095 NEVs overseas in December, bringing overseas NEV sales in 2023 to 242,765 units, up about five times from 2022, according to data compiled by CnEVPost.
BYD signs preliminary land purchase deal for its NEV plant in Hungary
