The Chinese car company BYD has become very successful in Cyprus in just five months. It now sells one-third of all fully electric and plug-in hybrid cars on the island. This happened at the same time as the government made its subsidy program simpler.
More people in Cyprus are choosing electric cars. In the first ten months of this year, registrations for fully electric cars grew from 3.8% to 4.8%. Hybrid car registrations jumped from 36.7% to 44.1%. This increase created a good opportunity for new companies like BYD.
BYD works with a local partner, the Alpan Group. Since mid-2024, they have registered 168 vehicles. Their market share grew from 27% to 33% in one month. A key reason for their success is that they had cars ready for immediate sale. This meant customers could buy quickly and get the government subsidy without a long wait.
The government's new online system makes getting a subsidy faster. Buyers can now register their car first and then apply for the grant. The Alpan Group also gives a direct bonus. Because of these incentives, a basic BYD Dolphin Surf model can cost less than €12,000.
A BYD manager in Cyprus, Christina Gikaki, says stable government support is very important. She believes constant changes to subsidies can reduce consumer trust. She also says that Cyprus needs more charging stations and a complete system for renewable energy.
BYD's fast success shows how a good product and good timing can change a market. For Cyprus, this competition and easier subsidies should help more people choose electric cars.