Chinese electric vehicle (EV) manufacturer BYD has set its sights on expanding its presence in the Japanese market. In its first year in Japan, BYD sold 1,446 vehicles, with the ATTO 3 SUV accounting for 1,198 units and the DOLPHIN compact car accounting for 248 units. The company plans to introduce at least one new model every year and aims to have 100 sales outlets in Japan by the end of 2025. BYD's goal is to achieve an annual sales volume of 10,000 units, which would put it in the same league as established brands like Mercedes-Benz, BMW, and Volkswagen. However, the success of BYD's growth in Japan will depend on the overall demand for electric vehicles in the country. [66305b84]
BYD has recently unveiled its fifth-generation DM-i platform and launched two new fuel-efficient models, the Qin L and the Seal 06. These vehicles incorporate hybrid technology that allows them to travel up to 2,100km with a fully charged battery and a full tank of petrol. Priced from 99,800 yuan, the Qin L and Seal 06 are expected to set a benchmark for mid-size models and put pressure on petrol-powered rivals. Legacy carmakers like Volkswagen and Toyota may respond to BYD's marketing push by reducing prices. BYD aims to sell between 500,000 and 1 million units abroad from 2024 to 2025. However, the company faces challenges such as a 100% punitive tariff on Chinese-made battery-powered vehicles imposed by the Biden administration and a European Commission investigation into Beijing's subsidies for EV assemblers. Additionally, Chinese carmakers are engaged in a price war in overseas markets due to overcapacity issues. This move by BYD comes as Tesla, led by Elon Musk, strengthens its presence in China and plans to register its Full Self-Driving software with China's Ministry of Industry and Information Technology. [1aa92c52]