Mobility Access Philippines Ventures Inc. (MAPVI)–the official distributor of BYD in the Philippines under the Ayala Group of Companies – eyes a 35 percent market share in the passenger electric vehicle (EV) market by next year as it ramps up the rollout of dealerships and charging stations as well as the introduction of more models into the market.
Toti Zara, BYD Philippines president, told reporters the company plans to set up 100 charging stations and 19 dealerships by 2024 as it wants to ride on the increasing acceptance of the market of EVs.
“Two years ago, we did research which said only 24 percent of consumers are willing to consider an EV. Two months ago, we did another research and 84 percent are now willing to get an EV. With this data, we feel we’re at that inflection point and we’d like to ride that wave,” said Zara at the launch last Friday of BYD Atto 3 crossover.
Zara said from a few hundred units to date, the number of passenger EVs in the market will grow to as much as 5,000 in 2024.
Zara now only has two dealers, one each in Makati City and in Quezon City.
Zara said the response of dealer applicants is very positive.
A typical dealership would cost P100 million to P150 million depending on the size.
“The interesting part is that the margins for BYD for cars is higher than the traditional ICE (internal combustion engine) where the business model for the dealer is you earn a little on the car, you earn more on after-sales. For electric vehicle there is minimal after-sales, so it’s volume driven,” he said.
Zara said this is because BYD owners expect to spend just 20 percent of the normal maintenance costs of an ICE.
For the Atto 3, Zara said the acquisition price is affordable because the technology is owned by BYD.
Additionally, car owners will only have to spend 20 percent of what they normally spend for fuel.
“When we sell the vehicle, it includes a home charger. So you will have your own gas station in your house,” Zara said.
Public charging stations are a supplement.
“The strategy is to educate the consumer on the benefits of charging,” he added.
Zara sees EVs like Atto 3 will be the daily drive “once (commuters) realize how convenient it is,” he said.
According to Zara, MAPVI plans to bring in BYD’s plug in hybrid technology regardless of whether or not hybrid will be given tariff preference just like PEV.
“Hybrids can provide that alternative whether the market needs it or not. Yes, there will be a portion of the consumer that’s still hesitant. We are seriously study bringing in property plug in hybrid BYD to the Philippine market, regardless whether (hybrids) are exempt import duties we are taking seriously,” he said. – Irma Isip
