Chinese EV giant BYD opens first dealership in Philippine, expands presence in Southeast Asia

Solar transport President Mark Andrew Tieng has a lot to celebrate about as he opens BYD's newest flagship store in Quezon City.

The 4,000-square-feet dealership is a first in the country.

It has two floors with a full-service center and a grand showroom showcasing BYD EVs.

The electric vehicle market in the Philippines is in its early stages but it's rapidly growing.

Thanks to the new EV law which gives tax breaks helping make EVs more affordable for local consumers. The government has also halted import duty on electric vehicles for the next five years to help mainstream EV usage.

Ayala Corporation, one go the country's biggest conglomerates, is jumping on the bandwagon.

AC Motors, Ayala's automotive arm, has inked a deal to become BYD's new distributor in the Philippines.

But its not just about distributorship, AC Motors together with the Ayala group will build an entire EV ecosystem from infrastructure, charging stations, hardware down to financing.

According to analysts, the resources that Ayala Corporation have will make BYD a key brand in the Philippine market.

BYD is investing heavily in Southeast Asia where Japanese auto companies have dominated for decades.

In March, BYD started construction of a new factory in Thailand, its first outside of China. The new factory plans on producing 150,000 vehicles in 2024.

There were talks that BYD is also mulling over an assembly plant in the Philippines.

According to analysis firm Counterpoint Research, Chinese auto groups are experiencing rapid growth and are outpacing their competitors in Southeast Asia. Their market share increased to 75 percent from 38 percent last year and BYD's Atto 3 was the best-selling EV car in the region.

China's share of global EV exports ballooned eightfold over the past five years.

BYD is igniting this trend as it rapidly expands production of affordable EVs.

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