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Investing.com-- BYD Co Ltd (HK:1211) cut the prices of several pure electric vehicle models in Japan, local media reports said on Wednesday, as the Chinese EV giant seeks to shore up stagnant EV sales in the country.
BYD (SZ:002594) was seen cutting prices of pure electric EVs from the Dolphin line and other series by as much as 300,000 yen ($15,600), the reports said.
EV sales in Japan have largely lagged behind those seen in other major economies, given that locally-made hybrids largely dominate the market. Japanese consumers also prefer combustion and hybrid vehicles due to limited charging infrastructure and few government efforts to push for electrification.
Recent data showed BYD sold just 2,223 EVs in Japan in 2024. While the figure was a 54% increase from the prior year, it still represented a fraction of BYD’s overall sales- which surged 29% to 4.3 million units in 2024.
Still, BYD was seen catching up with U.S. rival Tesla (NASDAQ:TSLA), and even overtook the EV maker in terms of overall sales.
BYD’s main sales drivers are its hybrid vehicles- a sector otherwise dominated by Japanese automaking giants such as Toyota (NYSE:TM).
But the company has been pushing heavily into pure electric EVs and is seeking new markets in Europe and Asia.
In Japan, BYD faces little competition from local players. But the company also has to contend with a consumer base that is largely apathetic towards EVs.