Australia’s largest car dealership group Eagers Automotive has signed a five-year deal to be the exclusive retailer in Australia for fast-growing Chinese electric vehicle maker BYD which its chief executive says is a brand viewed globally as the main competitor to industry pioneer Tesla.

Keith Thornton said Eagers is taking a 49 per cent equity stake in a joint venture entity with BYD for Australia, with BYD’s first vehicles to go on sale in Australia in July.