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Image Source: Visual China
July 22, Beijing (TMTPost) – Chinese automaker BYD, the company that recently overtook Tesla as the best-selling new energy car brand across the globe during the first half of 2022, aims to enter the highly competitive Japanese market.
The company’s Japanese branch announced on Thursday its plan to enter the Japanese passenger car market while launching three new car models. Yuan Plus, one of the three new models, is scheduled to enter the market in January 2023 and Dolphin and Seal, the other two car models, will enter the market in mid 2023 and the second half of 2023 respectively.
The Japanese market has been long considered as the forbidden land for foreign cars due to the intense competition from local brands. Several international car brands have been pulling out from the Japanese market in recent years.
International brands now see an opening at the Japanese market as local companies are weak at making new energy cars. New energy car brands such as BYD now have more chances of having their foothold in Japan compared with the past.
China has been the world"s biggest automobile market for over a decade. The country might also become the second biggest car exporter in the world this year. China"s automobile industry is transitioning from focusing on cost-effectiveness to quality and high tech.
BYD Auto is the largest EV manufacturer in the world and sold 641,000 EVs in the first half of 2022. It is also the fourth largest plug-in electric vehicle company and fourth largest BEV company in the world, with 9.1% and 7% global market share respectively in 2021. The company has sold most of its EVs in mainland China, but is expanding quickly in the global market. It sold over 100,000 units in March 2022 and is expecting to sell between 1.5 million to 2 million plug-in EVs in 2022, around 3 to 4 times the volume in 2021.
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