Philippine conglomerate Ayala Corporation has finalised an agreement with BYD Auto to distribute the Chinese automaker’s electric and hybrid vehicles in the country, according to local reports.

Ayala is one of the leading conglomerates in the Philippines with extensive automotive interests under its AC Motors subsidiary, the country’s largest multi-brand dealer group.

The deal makes Ayala BYD’s sole distributor in the Philippines with AC Motors becoming responsible for appointing individual dealers. The company aims to grow the network and sell an expanded range of models including the Dolphin and Atto 3 EVs.

Ayala said in a statement: “As distributor, [we] will oversee the sale of BYD’s passenger vehicles through a dealer network, drive the expansion of the brand’s footprint in the country and support customers’ aftersales requirements through the provision of parts and technical support, both to new buyers as well as existing BYD owners”.

AC Motors CEO Jaime Alfonso said: “This new [agreement] is in line with the group’s target of being at the forefront of the country’s transition to electric mobility, as the adoption of EVs globally continues to accelerate.”

The Philippine conglomerate has one of the country’s largest real estate portfolios as well as extensive financial services, energy and telecom operations, which put it in a strong position to lead the country’s EV switch.

Jamie added: “We will combine our capabilities and efficient management of strategic real estate assets, existing automotive distribution and dealership networks, capabilities in digital connectivity, financing and plans to build EV charging infrastructure.”

He expected EVs would account for up to 20% of vehicle sales in the next five to six years, adding: “We want to take a significant share of that market.”