{"id":77528,"date":"2024-03-12T13:29:26","date_gmt":"2024-03-12T18:29:26","guid":{"rendered":"https:\/\/equitynewsreport.com\/tesla-official-talks-up-southeast-asia-expansion-as-chinas-byd-pulls-ahead\/"},"modified":"2024-03-12T13:29:26","modified_gmt":"2024-03-12T18:29:26","slug":"tesla-official-talks-up-southeast-asia-expansion-as-chinas-byd-pulls-ahead","status":"publish","type":"post","link":"https:\/\/equitynewsreport.com\/h\/tesla-official-talks-up-southeast-asia-expansion-as-chinas-byd-pulls-ahead\/","title":{"rendered":"Tesla official talks up Southeast Asia expansion as China’s BYD pulls ahead"},"content":{"rendered":"
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\n\u00a9 Reuters. FILE PHOTO: The Tesla Model Y and Model 3 are unveiled during Thailand Tesla’s official launch event in Bangkok, Thailand, December 7, 2022. REUTERS\/Athit Perawongmetha\/File Photo<\/span>
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(Reuters) – Tesla (NASDAQ:)’s expansion into Southeast Asia is a priority, a senior executive said on Tuesday, highlighting the fast-growing market where the U.S. electric-vehicle maker faces competition from China’s BYD (SZ:).<\/p>\n

The region has emerged as one of the hottest EV markets in recent years and could offer Tesla a large customer base at a time when demand is slowing in the United States.<\/p>\n

“Southeast Asia will undoubtedly be a major place of growth over the coming years in battery storage and electric vehicle adoption,” Rohan Patel, senior public policy and business development executive at Tesla, said in a post on X.<\/p>\n

Patel was responding to a user post that marked the first deliveries of the Model Y cars in Malaysia. The company also sells its Model 3 compact sedan in the country.<\/p>\n

The Malaysian government had last year given Tesla the license to sell its cars in the country and said the firm would also establish a network of charging stations there.<\/p>\n

Tesla is also in talks for expanding its operations in other countries, including in Thailand, which is Southeast Asia’s largest car producer and exporter. <\/p>\n

A Thai government official said earlier this month that the company had discussed a potential production facility after surveying a site late in 2023.<\/p>\n

Still, Tesla’s ambitions for Southeast Asia will have to contend with competition from BYD, which has shot past rivals to account for more than a quarter of the EVs sold in the region.<\/p>\n

In contrast with Tesla’s direct-to-consumer approach, BYD has partnered with large, local conglomerates that have allowed the carmaker to expand reach, test consumer preferences and navigate complex government regulations in the region.<\/p>\n

The Chinese EV maker sold more than 26% of all cars in Southeast Asia’s small but fast-growing EV market in the second quarter of 2023, while Tesla accounted for about 8%, according to Counterpoint.<\/p>\n

EVs constituted 6.4% of all passenger vehicle sales in the region in the quarter, up from 3.8% in the preceding quarter. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The Tesla Model Y and Model 3 are unveiled during Thailand Tesla’s official launch event in Bangkok, Thailand, December 7, 2022. REUTERS\/Athit Perawongmetha\/File Photo (Reuters) – Tesla (NASDAQ:)’s expansion into Southeast Asia is a priority, a senior executive said on Tuesday, highlighting the fast-growing market where the U.S. electric-vehicle maker faces competition from China’s BYD (SZ:). The region has emerged as one of the hottest EV markets in recent years and could offer Tesla a large customer base at a time when demand is slowing in the United States. “Southeast Asia will undoubtedly be a major […]<\/p>\n","protected":false},"author":5,"featured_media":77529,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,49,50,3],"tags":[],"_links":{"self":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts\/77528"}],"collection":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/comments?post=77528"}],"version-history":[{"count":0,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts\/77528\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/media\/77529"}],"wp:attachment":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/media?parent=77528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/categories?post=77528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/tags?post=77528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}