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EV-a2z > News > BYD to penetrate the Indonesian market
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BYD to penetrate the Indonesian market

EV-a2zm
Last updated: 2024/01/13 at 1:33 AM
EV-a2zm Published January 10, 2024 2 Min Read
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BYD EV retail store. BYD (Build Your Dreams) is a Chinese electric car brand
BYD EV retail store. BYD (Build Your Dreams) is a Chinese electric car brand
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Chinese electric automaker BYD has just announced plans Tuesday to start selling its battery electric vehicle models in the Indonesian market as early as next week, Reuters reports.

Contents
ExpansionGovernment supportBYD’s EV sales in 2023

China's BYD, the world's biggest seller of battery electric vehicles (#BEVs), will launch its cars in #Indonesia next week, the company said on Tuesday. The launch comes amid efforts from Indonesia to accelerate the adoption of #EVs in a bid to reduce emissions. @BYDCompany… pic.twitter.com/3bWVmz0qVI

— GreenergyDaily (@ChnGreenEnergy) January 10, 2024

This market expansion occurs following Indonesia’s efforts to promote electric vehicle adoption to lower C02 emissions in the transportation sector.

Expansion

BYD will roll out its first electric cars in the Indonesian market next week to accelerate its global expansion.

In hindsight, the Indonesian government initially disclosed the Chinese NEV giant’s potential investment in the country’s emerging electric vehicle industry in early September 2023.

Unfortunately, the global media outlet did not disclose more specific details about BYD’s imminent entry into the country.

Government support

The Indonesian government imposed new policies in early December 2023 that offer tax incentives to automakers planning to import their electric vehicle models in the country until 2025. However, they must commit to developing electric vehicle factories until 2025.

Indonesia offers tax incentives to attract electric vehicle investment, including exemptions on import duties and luxury-goods sales tax. #EV #Indonesia #investment pic.twitter.com/Q3Z60K2M0d

— olivers (@OliverS88776242) December 13, 2023

The tax incentives will also be accessible to automakers that already invested in local manufacturing and those planning to boost their EV-related investments.

It essentially eliminates the import duties and the luxury goods sales tax on completely built vehicles imported into Indonesia. It also offers incentives on taxes collected by provincial governments.

Notably, Indonesia originally required automakers to import their vehicles in parts and locally assemble them before imposing the new regulation on December 8.

BYD’s EV sales in 2023

BYD enjoyed record-breaking sales of more than 3 million electric vehicles in 2023, indicating an increase of 62% year-on-year, as reported by Markets Insider.

Of that total, battery electric vehicle models accounted for about 1.6 million units. Meanwhile, plug-in hybrid electric vehicle sales reached 1.4 million units.

Its expansion to the Indonesian market will undoubtedly further boost its electric vehicle sales and delivery figures in the coming years.

Likewise, BYD’s presence in Indonesia will significantly aid the government’s target to produce at least 600,000 electric vehicles by 2030, indicating over a hundred-fold increase from the Q1 2023 record.

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TAGGED: BYD, Electric Vehicle, EV, Indonesia
EV-a2zm January 13, 2024 January 13, 2024
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