BYD Enters Peru – CleanTechnica

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Continuing the trend of rolling out its electric vehicles in a new market every week (or, at least, that’s what it feels like), BYD has entered Peru with 5 plugin vehicle models (“new energy vehicle” models as they call them in China).

The 5 models BYD is initially launching in Peru are: the Song Pro, the Tang, the Yuan Up, the Seal, and the BYD Shark.

What is surprising about this announcement is how many models BYD is entering with. In other markets, the company typically launches with one or two models, or maybe three at most. Entering with five models indicates to me that the company is bullish on the Peru market and how many EVs BYD can sell there.

In this case, BYD is partnering with local dealer Motorsya. The company plans to open 6–7 stores in 2025, covering all the major regions of Peru.

Unsurprisingly, BYD execs said that Peru is great potential for electrification, and then also painted a nice positive marketing picture of itself (which I do agree with). “Our mission is clear: to create a greener, more sustainable future for the world,” said Audrey Li, vice president of BYD America & regional managing director of BYD Latin America.

Furthermore, the BYD Yuan PLUS (also sometimes called the Atto 3) was the official vehicle of the APEC CEO Summit held in Lima, Peru, in the middle of last month. “This is my first time driving a Chinese car. This car is very comfortable, easy to drive, and I can say it’s better to drive than any car I’ve ever driven,” someone driving the car at the event noted.

Notably, there were reports early in the summer that Peru was trying to entice BYD to build an auto factory in the country. “Peru’s president met with Chinese electric vehicle maker BYD on Wednesday, inviting executives to set up shop on the Andean nation’s Pacific coast where another Chinese firm is building a massive port to facilitate trade between the two countries,” Reuters reported in late June. “China has become the largest investor in Peru in recent years, and is the top buyer of the nation’s copper.” Noting that the country would offer some incentives, like no tariffs, President Dina Boluarte said, “Instead of bringing copper and lithium from Peru, they should come to Peru to set up their assembly industry.”

Peru is also reportedly considering completely replacing its public transport vehicle with three electric BYD models. Perhaps an announcement on that will be coming soon.

Now, for some sobering comments to add in more context, we have to turn to our resident Latin American expert, Juan Diego Celemín Mojica. A few days ago, Juan wrote this: “First, let me get this off of my chest: Peru is a mystery.

“The country lacks significant oil reserves, has a decent grid, and most important of all, has very close links with China, recently opening the Mega-Port of Chancay, one of the main Chinese investments on the continent. As EV prices fall, Peru should’ve rapidly become one of the leaders in the region and probably on par with Colombia (a similar country as far as the economy goes), yet there has been no Chinese armada arriving on Peruvian shores. As a matter of fact, BYD is only arriving this month, and under the umbrella of Colombia’s distributor: Motorysa. And worst of all, with little competition, Motorysa is not making EVs as affordable as they should be, charging around 25% more for them in Peru compared to Colombia.

“Still, that should be enough to bring the market above 1% at least. Hopefully, in the coming two years new arrivals will increase competition and prices will come down, reaching price parity with ICEVs in the medium term. For now, however, Peru’s BEV sales are at only 0.3% market share. Though, last year it was 0.15%, so there’s at least growth.”

Perhaps there’s a plan for BYD to lower prices of its EVs after launch, or in 2025 as it enters more of the market. Maybe there are still negotiations underway with a factory. Or perhaps there’s something else, more mysterious, at play in the country of 34 million. We’ll see what changes in 2025 and will surely get an excited update from Juan if EV sales start to blast off.

A few weeks ago, BYD also announced it was entering the Guatemalan market. We also have recent news from BYD in Colombia, Paraguay, Brazil, Chile, and Mexico.