Tesla Rival BYD Targets Japan's Minicar Market With For New Affordable EV
Chinese electric vehicle heavyweight BYD Company plans to break into Japan's light minicar market.
Nikkei Asia reported that the EV maker is planning an early 2026 entry into the market, which has been dominated by local players so far.
BYD is aiming to price its electric minicars at approximately 2.5 million yen (USD17,558), placing them among the more affordable options in the segment.
Meanwhile, Tesla's USD25,000 affordable EV has been delayed till next year.
The expansion aligns with the company's accelerating global growth, particularly in Southeast Asia.
The expansion aligns with the company's accelerating global growth, particularly in Southeast Asia.
In Jan, BYD revealed a regional collaboration to provide up to 50,000 electric vehicles for Grab's driver-partners throughout Southeast Asia, aiming to boost the presence of eco-friendly transportation options for its customers.
BYD announced a major capital raise in Mar to support its global growth and research efforts by entering into an agreement to issue 129.8 million new H shares at HKD335.2 (USD43.58) each.
The offering, which accounts for about 4.46% of the company's total shares, is expected to bring in approximately HKD43.38 billion (USD5.64 billion) in net proceeds.
The company has led global new energy vehicle sales for three straight years and launched several brands BYD, Fangchengbao, Denza, and Yangwang, to serve a range of segments from mainstream to high-end markets.
In order to strengthen its position against rival Tesla Inc TSLA, BYD unveiled a charging system capable of fully powering an EV as quickly as refueling a gas vehicle, addressing a major hurdle to broader EV adoption.
China topped worldwide electric vehicle sales in the first quarter of 2025, with 2.4 million units sold, a 36% increase from the same period in 2024. Close to one million of those sales occurred in Mar, approaching the record set in Aug 024.
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