China’s BYD Co. will sell its electric vehicles in Malaysia in a 500 million ringgit ($113 million) tie-up with Sime Darby Motors Sdn Bhd.
(Bloomberg) — China’s BYD Co. will sell its electric vehicles in Malaysia in a 500 million ringgit ($113 million) tie-up with Sime Darby Motors Sdn Bhd.
Sime Darby will be BYD’s exclusive distributor in Malaysia, with the first showroom to open later this month, the companies said in a statement Thursday. They plan to have 20 dealerships by next year, and 40 by 2024, they said.
BYD will bring its flagship Atto 3 to Malaysian market, with the standard model priced at 148,800 ringgit, and the extended-range version at 167,800 ringgit.
The deal adds yet another country to BYD’s growing list of export destinations, which now stretches from North to Southeast Asia, Australia and Europe to Latin America. BYD has announced its entry or started selling into several foreign markets such as Brazil, Chile, Germany, Israel, Japan, and India.
Thailand, and more broadly Southeast Asia, has become a new battleground for EV makers, especially as Chinese brands look beyond their home market for further growth.
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