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Tesla executives have said entering Southeast Asia is a top priority for the company, demonstrating the importance of growing the market in the face of competition from China’s BYD. The Southeast Asian region has emerged as one of the markets for electric vehicles, providing a huge customer base.
Tesla has delivered Model Y in Malaysia and plans to build a network of charging stations in the country. The company is also in talks with other countries, including Thailand, Southeast Asia’s largest car producer and exporter. However, Tesla faces fierce competition from BYD.
BYD partners with large local conglomerates to expand its influence and comply with complex government regulations. According to Counterpoint, BYD’s share of the Southeast Asian electric vehicle market reached more than 26% in the second quarter of 2023, while Tesla was about 8%.
(Source: Reuters Image source: Unsplash)
