LNP – BYD EV demand in Sri Lanka “exceeds expectations”: JKH

• OVER 5,000 UNITS RESERVED
• JKCG APPOINTED AS BYD’S EXCLUSIVE PARTNER TO MARKET ITS COMMERCIAL VEHICLE RANGE IN SRI LANKA – SEGMENT YET TO BE LAUNCHED OFFICIALLY
• BYD OFFICIAL SAYS SL IS A “KEY MARKET” IN SOUTH ASIA AND IT CAN SERVE AS A GLOBAL CASE STUDY FOR POSITIVE IMPACTS OF ELECTRIC MOBILITY ON NATIONAL SCALE

The Sri Lankan appetite for electric mobility is accelerating faster than anticipated, with over 5,000 BYD vehicles reserved since the brand’s entry into the market earlier this year, John Keells Holdings (JKH) said this week. The group, which launched its new energy vehicles (NEV) arm under John Keells CG Auto (JKCG), said bookings for BYD’s electric and plug-in hybrid models have significantly outpaced the forecasts. “The total orders received to date have exceeded expectations, with BYD capturing a fair share of the market,” said JKH Chairman Krishan Balendra at a media briefing. Based on the current order book and expected deliveries in the upcoming quarter, JKH said the earnings from the segment are likely to be “material” to the group’s overall performance.

Since Sri Lanka relaxed import restrictions earlier this year, BYD has emerged as a breakout player in the EV and PHEV categories, with JKCG noting a “notable shift” in consumer preference towards clean mobility options. Despite being a new entrant, BYD has already gained ground with models such as the all-electric ATTO 3 and SEALION 6 leading demand. DOLPHIN, SEAL and the newly introduced SHARK 06 have also seen strong interest.

“BYD’s early success in Sri Lanka’s NEV segment reflects the strength of our partnership and our shared vision for the future of mobility. The upcoming introduction of DENZA marks the beginning of yet another exciting chapter, bringing premium NEV experiences to the local customers. It also stands as a testament to the trust BYD has placed in JKCG to lead the brand’s continued expansion in Sri Lanka,” Balendra said. JKH also revealed in its annual report, released on Tuesday, that JKCG has been appointed as BYD’s exclusive partner to market its commercial vehicle range in Sri Lanka. The segment, yet to be officially launched, presents “significant potential”, the group said but noted that the development of EV charging infrastructure would be critical to unlock the growth in commercial fleet electrification. Profit from the passenger vehicle segment will be recognised upon the handover to the customers, with JKCG and BYD working to streamline the orderto- delivery cycle. Shorter lead times are expected to support timely revenue recognition.

Despite Sri Lanka’s relatively modest market size, a BYD official said the country is a “key market” in South Asia. “While the scale of business in Sri Lanka is not on the same level of other markets we have entered in the region, Sri Lanka’s size means that it can still serve as a global case study for the positive impacts of electric mobility on a national scale,” said BYD Asia-Pacific Auto Sales Division General Manager Liu Xueliang.