BYD to invest $1.3bn for new plant in Indonesia

National Business Wire (Jan 18) -- Chinese electric car maker BYD Co Ltd (002594.SZ) will invest $1.3 billion to build a new plant in Indonesia, an Indonesian minister said on Thursday.

BYD launched three electric models in Indonesia on Thursday, the Dolphin, Seal and Atto 3, officially entering the local passenger car market.

Specifically, the Dolphin is an entry-level electric hatchback that is compact enough and suitable for use in urban areas, with a size similar to that of the Honda City model.

The BYD Seal, a mid-size sedan, will compete head-to-head with the Ioniq 5 electric SUV, which South Korean automaker Hyundai Motor Co. produces locally in Indonesia.

And the Atto 3, a compact SUV, could compete with the Omoda E5, an electric SUV crossover from BYD's Chinese counterpart Chery Automobile Co. Ltd. that is due to hit the Indonesian market in early 2024.

Airlangga Hartarto, Coordinating Minister for Economic Affairs of Indonesia, was present at the launch, where he announced that BYD will invest $1.3 billion to build an automotive plant in Indonesia with an expected capacity of 150,000 units.

Eagle Zhao, managing director of BYD Malaysia Sdn Bhd and PT BYD Motor Indonesia, also said BYD is on track to begin construction of the plant later this year and would establish a sales network of up to 50 outlets across the country by the end of 2024.

Europe and Southeast Asia are key destinations for China's electric vehicle exports, and BYD said Thursday's launch was its debut in Indonesia's passenger car market, where it will inject new vitality.

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