BYD, the Chinese electric vehicle (EV) leader, has launched two new models in Vietnam, increasing its lineup to five vehicles. The newly introduced models include the Dolphin, a compact EV hatchback, and the Seal, a sedan designed for high-end markets. This expansion showcases BYD’s ambition to strengthen its presence in Vietnam’s competitive EV market, directly challenging local rivals like VinFast.
BYD’s Local Offerings: From Dolphin to Seal
New Models:
New Models Launched
BYD introduced three new EV models, bringing its total offerings in Vietnam to five, alongside earlier launches like the Atto 3, Dolphin, and Seal.
- Atto 3: Compact electric crossover
- Dolphin: Affordable hatchback
- Seal: Midsize sedan
The latest models will be imported initially, with availability beginning in October 2024
- BYD Dolphin:
- Battery Range: Up to 405 km
- Key Features: Rotatable 12.8-inch touchscreen, six-speaker audio system
- Position: A compact city car ideal for urban commutes
- BYD Seal:
- Versions: Advanced (550 km range) and Performance (650 km range)
- Key Features: 15.6-inch infotainment screen, dual wireless chargers, and a 10-speaker audio system
- Market Fit: Targets mid to premium sedan buyers
Existing Models:
- BYD Atto 3: An SUV known for its long range and driver-assistance features, available with up to 480 km range.
- Expansion Plan: BYD aims to introduce up to six models by 2024’s end, with plans to open 13 dealerships soon, aiming for 100 locations by 2026.
Sales Strategy and Competitive Landscape
BYD’s market strategy relies on competing with VinFast, which currently dominates the Vietnamese EV space. The pricing structure of the Dolphin and Seal positions them as slightly premium alternatives to comparable local models like the VinFast VF 6. The Atto 3, priced higher at around $30,300 (766 million VND), is already in direct competition with the VF 6.
EV Market Potential in Vietnam
Vietnam’s electric vehicle market is on the rise, with predictions that EV sales could surpass 2.5 million units annually by 2036, compared to under a million in 2024. BYD’s expansion into Vietnam aligns with this growth potential, hoping to leverage the local demand for EVs driven by environmental incentives and increasing urbanization.