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BYD Company Limited BYDDY, China’s leading electric vehicle (EV) manufacturer, plans to complete its $1 billion plant in Indonesia by the end of 2025, highlighting its ambition to dominate a market traditionally led by Japanese automakers.
Per Eagle Zhao, BYD's president director in Indonesia, the facility is intended to serve the export market. The EV maker’s local manufacturing progress is smooth and on schedule. BYD remains committed to completing the construction of the facility by late 2025. Located in an industrial complex in Subang, West Java, the plant will have an annual production capacity of 150,000 EVs.
As part of its investment, BYD benefits from a temporary exemption from import duties for its cars in Indonesia, a policy designed to boost EV demand and attract automakers to the country. Indonesia, like other Southeast Asian nations, is introducing measures to encourage foreign investment in the growing EV market, aiming for 600,000 domestically produced EVs by 2030.
In its first year of sales in Indonesia last year, BYD sold 15,429 units, per automotive association data. Per January and November sales, BYDDY is a battery-based EV sales leader with about 36% of the market share. Per Zhao, the new plant will start producing vehicles shortly after construction is completed. So far, BYD has introduced the Seal sedan, the Atto 3 SUV, the Dolphin hatchback and the M6 seven-seater MPV in Indonesia, with the M6 being the top-selling model last year.
Per Zhao, the company plans to launch additional models in 2025, aiming for rapid sales growth. It will introduce its premium Denza brand in Indonesia this week. Globally, BYDDY surpassed its sales target in 2024, delivering more than four million units. The company has been expanding its footprint in Southeast Asia, challenging the dominance of Japanese and Korean automakers. Last year, it inaugurated its first EV plant in Thailand, a $490 million facility with a production capacity of 150,000 units per year, including plug-in hybrids. In Singapore, BYD also extended its lead over Tesla in the first half of 2024.
BYDDY’s Zacks Rank & Key Picks
BYD currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Geely Automobile Holdings Limited GELYY, Blue Bird Corporation BLBD and Allison Transmission Holdings, Inc. ALSN, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for GELYY’s fiscal 2025 sales and earnings suggests year-over-year growth of 66.62% and 149.31%, respectively. EPS estimates for fiscal 2025 and 2026 have improved by 15 cents and 38 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BLBD’s fiscal 2025 sales and earnings suggests year-over-year growth of 10.97% and 12.14%, respectively. EPS estimates for fiscal 2025 have improved 18 cents in the past 60 days.
The Zacks Consensus Estimate for ALSN’s 2024 sales and earnings suggests year-over-year growth of 6.10% and 11.89%, respectively. EPS estimates for 2024 and 2025 have improved 2 cents and 3 cents, respectively, in the past seven days.