China’s leading EV maker, BYD, is quickly gaining ground in overseas markets. BYD opened its first store in the Caribbean as its global expansion heats up. The EV leader plans to enter ten new markets by the end of the year.
After setting a new weekly sales record in early May, BYD nearly topped its all-time sales record last month.
With 331,817 new energy vehicles (EVs and PHEVs) sold in May (+38% YOY), BYD posted its second-highest sales month ever. Of them, nearly 146,400 were fully electric. BYD has sold 580,974 all-electric vehicles so far this year, up 19% compared to the 488,600 sold a year ago.
BYD’s growing EV sales were fueled by price cuts and new lower-priced models launched earlier this year.
Its cheapest electric car, the BYD Seagull EV Honor Edition, starts at just $9,700 (69,800 yuan) in China.
The Seagull EV is already rolling out in overseas markets. BYD launched the “Dolphin Mini” (as it’s called overseas) in Brazil, starting at around $20,000 (99,800 BRL). It’s available in two models with up to 236 miles (390 km) of NEDC range. In Mexico, it starts at $19,780 (358,800 pesos).
BYD’s Seagull (Dolphin Mini) is expected to launch in Europe next year as one of the most affordable EVs on the market.
Despite potential tariffs, BYD still expects the low-cost EV to start at less than 20,000 euros ($21,500), still thousands lower than its rivals. With two plants planned in the region, BYD doesn’t expect any significant impacts from the potential tariffs on EVs made in China.
BYD takes on the Caribbean as first shop opens up
Although BYD has been selling EVs in the Caribbean for several years now, the automaker is now opening its first store in the region.
BYD announced the grand opening of its first dealership in the Caribbean last week. The new shop is located in Port of Spain, the capital of the Republic of Trinidad and Tobago, but BYD plans to expand sales to new markets.
According to CarNewsChina, BYD plans to expand to 10 more countries by the end of 2024. BYD plans to open shops in Jamaica, Barbados, and the Cayman Islands.
Top comment by PlotterDepot
BYD is entering underserved markets is a great move. They'll capture those markets, continue to introduce more EV models: lower end small sedans, larger sedans, trucks, sports cars. As their quality gets better and better; they will eventually land in the US market with great EV options.
BYD was already the top-selling EV maker in Brazil last year, but new models and dealerships are expected to fuel its momentum.
BYD launched its first pickup last month in Mexico, the Shark PHEV. Starting at 899,980 pesos ($53,400), BYD Shark will rival Toyota’s Hilux and Ford Ranger models in the region.
Powered by a 29.58 kWh BYD Blade battery, the Shark PHEV has 100 km (62 mi) all-electric NEDC range. Its combined range is 840 km (522 mi).
BYD is expanding into other segments, including mid-size SUVs. BYD’s new Sea Lion 07 is poised to compete with Tesla’s best-selling Model Y, staring at just 189,800 yuan ($26,250) in China.
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