China electric car giant BYD enters Malaysia in Sime Darby deal

CHINA’S BYD will sell its electric vehicles (EVs) in Malaysia in a RM500 million (S$154 million) tie-up with Sime Darby Motors. 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 on Thursday (Dec 8). They plan to have 20 dealerships by next year, and 40 by 2024, they said. BYD will bring its flagship Atto 3 to the Malaysian market, with the standard model priced at RM148,800, and the extended-range version at RM167,800. The deal adds yet another country to BYD’s growing list of export destinations, which now stretches from North to South-east 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 South-east Asia, has become a new battleground for EV makers, especially as Chinese brands look beyond their home market for further growth. BLOOMBERG