China's BYD (1211), the world's biggest electric vehicle maker, unveiled three battery EV models in Indonesia yesterday as it seeks to expand its presence in Southeast Asia's biggest economy.
BYD overtook Tesla, opening a new tab as the world's top EV maker in the fourth quarter. The majority of the 526,000 vehicles it sold during the period were in China.
In 2023, the firm sold 3.02 million electric vehicles, including battery EVs and plug-in hybrids.
In Southeast Asia, BYD has been outperforming other automakers in EV sales.
BYD, which has been offering electric buses and taxi fleets through local Indonesian partners, said it would start selling the Dolphin hatchback, the Atto 3 sport utility vehicle and the Seal sedan in that country.
Indonesia is seeking to accelerate EV adoption and lure investment into local battery production and EV supply chains that can take advantage of the country's rich reserves of nickel, a key battery material.
Indonesia's Chief Economic Minister Airlangga Hartarto said at the launch that BYD was planning to invest US$1.3 billion (HK$10.14 billion) in facilities with a production capacity of 150,000 vehicles.
Eagle Zhao, BYD's Indonesia president, said the company was on track to build the facilities later this year as scheduled.
