Eagers expects EV jump as BYD narrows gap on Tesla
Simon EvansSenior reporter
Key Points
- BYD - the acronym for Build Your Dreams - is the second biggest selling electric vehicle brand in Australia behind Tesla and one of its shareholders is billionaire investor Warren Buffett’s Berkshire Hathaway.
- ASX-listed Eagers Automotive is the exclusive retail partner for BYD in Australia, and has 12 outlets up and running which sell the brand, including some in busy shopping centres.
- Eagers CEO Keith Thornton says consumer preferences are changing rapidly, and he predicts strong momentum in EV sales. An order backlog is a buffer for any consumer pullback from cost-of-living pressures.
Australia’s biggest car dealership group expects “considerable momentum” in sales of electric vehicles this year as Australia catches up to other markets where the adoption of EVs is happening much faster.
Eagers Automotive has the exclusive retail distribution rights in Australia to fast-growing Chinese brand BYD, which has rapidly become the second-biggest selling electric vehicle behind Tesla.
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