From NASDAQ:

Tesla is prioritizing expansion into Southeast Asia, aiming to tap into the fast-growing EV market where it faces competition from China’s BYD. With the region emerging as a major hub for battery storage and electric vehicle adoption, Tesla sees significant growth potential in countries like Malaysia and Thailand.

Senior executive Rohan Patel highlighted Southeast Asia as a key growth area for battery storage and EV adoption, responding to the first deliveries of Model Y cars in Malaysia. Tesla also sells its Model 3 sedan in the country, supported by a government license and plans for charging stations.

While Tesla eyes expansion in Southeast Asia, it faces stiff competition from BYD, which dominates the region’s EV market with over 26% market share. Unlike Tesla’s direct sales approach, BYD has leveraged partnerships with local conglomerates, helping it capture a large portion of the region’s fast-growing EV market.

In the second quarter of 2023, BYD accounted for more than a quarter of all EV sales in Southeast Asia, while Tesla held about 8% market share. EVs made up 6.4% of all passenger vehicle sales in the region in the quarter, up from 3.8% in the previous quarter, indicating growing demand for electric vehicles in Southeast Asia.



Read more at NASDAQ: Tesla official talks up Southeast Asia expansion as China’s BYD pulls ahead