From the sidelines of the World Economic Forum, the head of the Chinese electric vehicle giant BYD Americas, Stella Li, described the Middle East as a “homeland for innovation” given its openness to new technologies and opportunities for growth.
“The people are very open. And then from the government, from everybody there, they are open to enjoying the technology,” she said.
BYD, often hailed as Tesla’s direct rival, has ramped up sales of battery electric vehicles and plug-in hybrids in the Middle East and North Africa region, particularly in GCC countries, such as the UAE and Saudi Arabia, which have some of the world’s fastest-growing EV markets.
Saudi Arabia’s Public Investment Fund has been very active in the electric vehicle sector, investing in Lucid Motors, launching its own brand “Ceer,” and supporting charging infrastructure.
But vehicles represent just over 1% of total car sales, and high costs, limited charging infrastructure, and extreme weather are still challenges. After the Elon Musk-led venture entered the Saudi market, BYD said it planned to triple its footprint in the region, aiming for 5,000 electric vehicle sales and 10 showrooms by late 2026.
Stella Li said the company is investing heavily in the region, constructing a strong dealer network and introducing advanced technology. She imagined Saudi Arabia and the broader Middle East as a future “dreamland” for innovation, or as she put it, “a Silicon Valley for the region.”
Talking about the Saudi government’s electric vehicle-related plans, Stella Li said, “If they have a goal, they will achieve it. And then they want a technology company like us to enable their… 2030 Vision.”
In other news, BYD is now improving its battery warranty across Europe, just a few weeks after the Chinese manufacturer took the same step in Norway. The warranty now covers eight years or 250,000 kilometres, whichever comes first. This applies to both new car buyers and existing customers.
Image Credits: BYD