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BYD's electric car sales climb in Japan, breaking Toyota's dominance

2024-07-25


Can BYD compete with Toyota in its home market? According to the latest sales data, BYD's market share in Japan's electric vehicle market is close to 3% in the first half of 2024. This comes despite the company launching its first electric vehicle in the region just last year.


BYD’s progress in the Japanese market


Launch of the first model Atto 3


BYD launched its first electric car, Atto 3 (Yuan Plus), in Japan in January 2023. A year and a half later, the Chinese automaker has made significant inroads into Japan's elusive car market.


According to data from the Japan Automobile Importers Association (JAIA), in the first half of 2024, Japan's import volume fell by 7% year-on-year (113,887 vehicles). Luxury carmakers like Mercedes, BMW and Audi account for the lion's share of imports.


However, imports of electric vehicles are rising. Data show that the import volume of electric vehicles increased by 17% year-on-year, accounting for nearly 10% (10,785 vehicles) of the total vehicle imports in the first half of this year.


BYD's leading position in Japan


BYD is leading the charge as electric car sales continue to climb in Japan. Compared with the first half of 2023, BYD passenger car imports increased by 184% (980 units).


BYD’s other best-selling models

Source: BYD


Following the Atto 3, BYD has launched other best-selling electric vehicles, including the Dolphin and Seal models. Last month, BYD launched the Seal electric vehicle in Japan, with a starting price of 5.28 million yen, or about 243,800 yuan.


BYD continues to make progress in the Japanese market with a series of affordable electric vehicles. The Seal is BYD's answer to the Tesla Model 3, while the Atto 3 is a low-cost electric SUV.


Price competitiveness

Source: BYD

The Atto 3 starts at just 4.4 million yen (203,100 yuan). Meanwhile, the Dolphin, which competes with the Toyota Prius and Nissan Leaf, starts at just 3.63 million yen (167,600 yuan).


Despite the drop in sales last month, BYD still rose from 19th to 14th on the list of Japanese car importers.


Expansion plans

BYD Japan President Atsuki Tofukuji said new electric vehicle models will help boost sales despite slowing growth due to reduced government subsidies. BYD plans to launch at least one new car in Japan every year.


BYD plans to nearly double the number of dealers in Japan by the end of 2024. The company hopes to have 90 showrooms in the region, compared with about 55. By 2025, BYD aims to sell 30,000 vehicles in Japan to enter Toyota's home market.


Japanese automakers like Toyota, Honda, and Nissan dominate the Japanese car market. Toyota alone accounts for more than a third of car sales.


While most imports are still luxury cars, electric cars are starting to gain market share in Japan's (seemingly impenetrable) auto market.


BYD is known for its affordable electric cars. At the same time, the company is building up its lineup, which includes pickup trucks, luxury cars, and electric supercars, to enter new markets.


Japan isn't the only market where BYD is making progress. The automaker is launching new electric cars in Korea, Mexico, Europe, Thailand, Brazil, and more. It's also building electric car factories in Europe, Thailand, Mexico, and more to expand its presence outside China.


Can BYD continue to gain market share in the Japanese market? Or will Toyota (and other Japanese automakers) finally step up their game and challenge BYD at its own game?


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