Tesla's Top Rival BYD Launches First Store In Suriname, Reportedly Expanding Presence In South America - BYD (OTC:BYDDY)

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BYD Co., Ltd.BYDDY has reportedly launched its inaugural store in Suriname, marking the Chinese new energy vehicle (NEV) manufacturer’s entry into the Surinamese market.

The new store is located in Paramaribo, the capital of Suriname, and represents BYD’s initial expansion into South America, reported CnEV Post.

This development marks another significant milestone for BYD in South America. The store’s opening ceremony was attended by local dignitaries, including Suriname’s Vice President Ronnie Brunswijk.

BYD has introduced four models in Suriname: the Dolphin, Seal, Yuan Plus, and Song Plus DM-i.

Also Read: Warren Buffett-Backed BYD Join Forces With Huawei For Advanced Autonomous Driving In Off-Road EVs

The Chinese NEV manufacturer is expanding internationally to take advantage of the opportunities arising from the global shift towards electrification.

In South America, Brazil is BYD’s key market. On May 23, BYD celebrated the opening of its 100th dealer store in Brazil, as announced earlier this year. The company aims to expand its network to 250 dealer stores in Brazil by the end of 2024.

In August, BYD set a new record with the sale of 373,083 new energy vehicles (NEVs), marking a 35.97% increase compared to the previous year and an 8.97% rise from July. Of this total, 31,451 NEVs were sold in international markets, reflecting a 25.69% year-on-year growth and a 4.79% increase from July.

From January to August, BYD sold 264,869 vehicles overseas, a significant 125.46% increase year-on-year, which accounted for 11.38% of its total NEV sales.

Since March 2022, BYD has ceased production and sales of vehicles solely powered by combustion engines, shifting its focus to plug-in hybrids and pure electric vehicles, CnEV Post added.