This article is from the Australian Property Journal archive
TESLA’S biggest challenger, China’s electric vehicle giant BYD is ramping up plans to grow its share in Australia’s EV market after securing space in Melbourne city’s fringe to open a new car dealership.
BYD Auto has leased a Melbourne CBD edge dealership and service centre, formerly occupied by Beaurepaires, through its Hong Kong Stock Exchange-listed global representative China Harmony New Energy Auto Holding Limited.
The six-year lease at the 384 sqm 350 Spencer property comes with a five-year term, and was struck at $156,000 per annum net by Hesan Mazaheri and Ian Angelico from CVA Melbourne.
BYD is one of the fastest growing players in Australia’s EV market, selling 12,438 vehicles in 2023 and has set a target to double the figure to 25,000 in 2024.
It aims to double that figure again, setting a target of 50,000 EV sales in 2025.
BYD Auto Co., Ltd. is the main automotive subsidiary and brand of BYD Company, a publicly listed Chinese multinational manufacturing company. It manufactures passenger battery electric vehicles and plug-in hybrid electric vehicles, collectively known as new energy vehicles in China.
China Harmony New Energy Auto Holding Limited is an automobile service group in China that specialises in luxury and super-luxury car brands. At the end of 2023, Harmony Automobile operated 80 authorized dealer outlets worldwide, including 14 luxury and ultra-luxury brands in mainland China. Its service network extends across 40 cities in 17 provinces.
