Summary
- BYD has entered the Peru market with 5 new energy vehicle models
- The company partnered with local dealer Motorsya to open 6-7 stores in the country
- Peru is being considered for a BYD auto factory, with potential incentives
- BYD Yuan PLUS was the official vehicle of the APEC CEO Summit in Peru
- Peru’s BEV sales are at 0.3% market share, showing room for growth
Article
BYD has recently entered the Peru market with 5 plug-in vehicle models, marking a trend of consistently rolling out electric vehicles in new markets. This move is significant as BYD typically launches with only one or two models in other markets, showing their confidence in the Peru market. The company has partnered with local dealer Motorsya to open 6-7 stores in 2025, covering major regions of Peru.
The announcement of BYD’s entry into Peru comes with a positive outlook on the country’s potential for electrification. The company’s vice president, Audrey Li, expressed BYD’s mission to create a greener and more sustainable future. The BYD Yuan PLUS, also known as the Atto 3, was showcased at the APEC CEO Summit in Lima and received positive feedback for its comfort and performance. Reports also suggest that Peru is considering replacing its public transport vehicles with three electric BYD models.
While the entry of BYD into the Peru market is a positive development, there are some challenges to be addressed. Peru has not seen significant growth in EV sales, with only a 0.3% market share. The prices of EVs in Peru are around 25% higher than in Colombia, indicating a lack of affordability that may hinder market growth. However, there is hope that increased competition and negotiations with a factory could lead to lower prices and greater market penetration in the future.
There were earlier reports suggesting Peru’s interest in enticing BYD to build an auto factory in the country, offering incentives like no tariffs to facilitate trade with China. With the strong Chinese investments in Peru, the country has the potential to become a leader in EV adoption in the region. As BYD continues to expand its presence in South America, there is anticipation for changes in the market that could lead to a surge in EV sales and adoption in Peru.
BYD’s entry into Peru is part of its broader strategy to expand its presence in South America, following recent market entries in Guatemala, Colombia, Paraguay, Brazil, Chile, and Mexico. The company’s focus on providing a range of electric vehicle models and establishing partnerships with local dealers demonstrates its commitment to accelerating the transition to cleaner transportation solutions. As BYD enters more markets and potentially lowers prices, there is optimism for increased EV adoption and sustainability in Peru and the wider region.
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