Latest news with #JeromeSaigot
Arab News
6 days ago
- Automotive
- Arab News
BYD plans major Saudi expansion following Tesla's market entry
RIYADH: Chinese electric vehicle giant BYD Co. is aiming to triple its presence in Saudi Arabia after Tesla Inc.'s recent market entry, the firm's managing director for the Kingdom has announced. Currently operating three showrooms, BYD plans to expand to 10 locations by late 2026, according to Jerome Saigot. The expansion comes after Tesla entered the Saudi market in April with a Riyadh showroom, joining BYD and fellow Chinese firm Geely. The development aligns with Saudi Arabia's broader strategy to establish itself as a regional EV hub, targeting 30 percent EV adoption by 2030 as part of its Vision 2030 economic diversification plan. 'Saudi is a complex market. You need to go fast. You need to think big,' Saigot said in an interview with Bloomberg, adding: 'We are not here to stay at 5 (thousand) or 10,000 cars a year.' Saudi Arabia's Public Investment Fund has been aggressively investing in the EV sector, backing Lucid Motors, launching its brand, Ceer, and supporting charging infrastructure development. However, EVs still account for just over 1 percent of total car sales, as high costs, limited charging infrastructure, and extreme weather remain challenges, Bloomberg reported, citing data from PwC. Saigot told Bloomberg that Tesla's presence in the Kingdom was a positive development, helping to boost consumer awareness of EVs. 'The more Tesla communicates on marketing, the better it is for us,' said Saigot, who started at BYD in April after serving in previous roles at Nissan Motor Co. and Great Wall Motor Co. BYD has been closing the gap with Tesla globally, outselling the US automaker in Europe for the first time in April. The Kingdom's push toward electric mobility is gaining momentum, with Tesla's recent market entry seen as a potential catalyst for faster adoption. Alessandro Tricamo, partner at Oliver Wyman, told Arab News in an interview earlier this month that nearly half of Saudis are now considering an EV purchase. 'Tesla's entry into the Saudi market is potentially a significant win-win situation,' he said, pointing to the brand's appeal in a car-centric market and the company's need to expand beyond declining Western sales. Also in an interview earlier this month, Taline Vahanian of Marsh UAE warned of risks for the sector, including battery degradation in extreme heat and costly insurance premiums, which could slow adoption.
Business Times
6 days ago
- Automotive
- Business Times
BYD aims to triple Saudi footprint after Tesla enters market
[RIYADH] Chinese automaker BYD plans to ramp up its expansion efforts in Saudi Arabia, building on momentum from Tesla's launch in the country and capitalising on the kingdom's push to become a new hub for electric cars. BYD, which launched in Saudi Arabia last year and currently runs three showrooms there, aims to open another seven locations by the second half of 2026, according to Jerome Saigot, managing director for Saudi Arabia. The firm expects to sell more than 5,000 vehicles this year in the kingdom, a drop in the bucket for BYD's overall sales but sizable in a market where gas-guzzling cars dominate the roads and EV adoption has been slow going. 'Saudi is a complex market. You need to go fast. You need to think big,' Saigot said in an interview with Bloomberg. 'We are not here to stay at five or ten thousand cars a year.' Saudi Arabia is investing heavily in the EV industry through its Public Investment Fund (PIF) as part of a broader strategy to cut emissions, curb auto imports and diversify the local economy. The PIF has backed Lucid Motors as the automaker works on building Saudi's first auto manufacturing plant. It has also created its own EV brand known as Ceer and started a JV to build out EV charging stations. Still, electric cars account for just over 1 per cent of total car sales in the kingdom, with high costs, sparse charging infrastructure and extreme temperatures factors challenging EV adoption, according to PwC. Tesla opened its first showroom in Riyadh in April, joining automakers including BYD and Geely in trying to gain a foothold in the market. BYD's Saigot sees the move as beneficial, with Tesla helping to raise EV awareness. 'The more Tesla communicates on marketing, the better it is for us,' said Saigot, who started at BYD in April after serving in previous roles at Nissan Motor and Great Wall Motor. BYD has been gaining ground on Tesla in recent months. The Chinese automaker sold more fully electric cars in Europe than Elon Musk's firm for the first time ever in April. Some analysts now predict BYD will pull ahead of Tesla globally for the full year. BLOOMBERG
Bloomberg
6 days ago
- Automotive
- Bloomberg
BYD Aims to Triple Saudi Footprint After Tesla Enters Market
Chinese automaker BYD Co. plans to ramp up its expansion efforts in Saudi Arabia, building on momentum from Tesla Inc. 's launch in the country and capitalizing on the kingdom's push to become a new hub for electric cars. BYD, which launched in Saudi Arabia last year and currently runs three showrooms there, aims to open another seven locations by the second half of 2026, according to Jerome Saigot, managing director for Saudi Arabia.
