Chinese electric vehicle giant BYD has rapidly expanded into Southeast Asia, with sales now matching Japanese automakers Honda Motor and Mitsubishi Motors, putting significant pressure on their traditional market dominance.
BYD dominated Thailand's 2024 EV market by selling 27,000 units compared to Tesla's 4,121 units, capturing one out of every three EVs sold in the country, while also surpassing Toyota in total vehicle sales in Singapore.
The Chinese automaker led Indonesia's EV segment with 5,718 units sold in Q1 2025 according to the Indonesian Automotive Industry Association (Gaikindo), rising to become the 16th top-selling brand in ASEAN markets during H1 2024.
BYD's explosive growth is supported by Thai government EV incentives including tax breaks and a target to produce 30% EVs by 2030, resulting in a 55% year-on-year surge in Q1 2025 sales while Japanese manufacturers' market share dropped from 90% historically to 65% in 2024.
The company is investing heavily in regional infrastructure with a $1 billion factory in Java, Indonesia set for completion this year, as part of its accelerated overseas expansion that saw international sales increase 71.9% year-over-year in 2024.
