BYD (HKG:1211, SHE:002594) could attain its goal of 35 dealerships in South Africa by the first quarter of 2026 and could double that to up to 70 by the end of next year, Reuters reported Thursday, citing an executive.

Growing demand for electric vehicles in the country could allow the car manufacturer to attain the goal earlier than its target of June 2026, the news outlet said, citing Steve Chang, Managing Director of BYD Auto South Africa.

South Africa has signified it will reward EV adoption in the country, with Chinese brands capitalizing on growing demand, the report said.

BYD launched its Sealion 5 plug-in hybrid, priced starting at 499,900 rand, or $29,445, the report said.

Shares fell nearly 1% in Hong Kong during morning trading on Friday.

(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.)