BYD Company (HKG:1211, SHE:002594) plans to expand its footprint in Saudi Arabia from three to 10 locations by the second half of 2026 and aims to sell more than 5,000 electric vehicles in the kingdom this year, Bloomberg News reported Monday, citing managing director Jerome Saigot.
"Saudi is a complex market. You need to go fast. You need to think big. We are not here to stay at five or ten thousand cars a year," Saigot said in an interview with Bloomberg.
The Chinese automaker entered the Saudi market last year and is looking to build momentum amid the kingdom's push to become a regional EV hub.
Saudi Arabia's Public Investment Fund has invested in Lucid Motors, launched the local EV brand Ceer, and is backing a national EV charging network.
Tesla, which opened its first showroom in Riyadh in April, joins BYD, Geely (HKG:0175), and Great Wall (HKG:2333, SHA:601633) in pursuing growth in a market where EVs make up just over 1% of car sales, according to PwC, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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