Chinese EV makers compete in Southeast Asia’s luxury market

GAC’s Hyptec brand unveiled its HT SUV at approximately S$250,000 (US$185,000) on Friday, targeting affluent buyers and executives who enjoy golfing, according to Nikkei Asia.

The launch follows BYD’s introduction of its Denza luxury model at S$300,000. Hyptec, which entered Thailand and Indonesia last year, also faces competition from other Chinese brands like Xpeng, Ora, and Neta across the ASEAN market.

"It’s definitely challenging—a lot of new brands are coming in," said Ernest Tan, director at Vincar, Hyptec’s Singapore distributor. "We don't really see it as a total threat ... for us, we are very focused on improving our branding and our brand offerings."

To attract buyers, Vincar is offering a S$12,000 launch discount alongside a lifetime warranty.

However, Land Transport Authority data shows Hyptec lags far behind BYD in Singapore, with GAC registering just 310 cars by the end of 2024, compared to BYD’s 8,500.

BYD, which was Singapore’s best-selling car brand in 2024, recently premiered its new Sealion 7 model and showcased its Yangwang U9 supercar at a motor show.

The U9, billed as the fastest Chinese production car, reflects BYD’s ambitions to rival European supercar brands like Ferrari and Lamborghini.

"We are also very keen to push for luxury segments in Singapore," said James Ng, BYD’s managing director for Singapore and the Philippines. "We believe that there's still a good market ... we are able to give a luxury product with a good price point."