Asian Autos: BYD’s Kei-car BEV ‘Racco’ arrives - can it make a meaningful impact on Japan’s auto market?

研报英文原文证据摘录

Asian Autos: BYD’s Kei-car BEV ‘Racco’ arrives - can it make a meaningful impact on Japan’s auto market?

29 July 2026

Asian Autos

Asian Autos: BYD’s Kei-car BEV ‘Racco’ arrives - can it make a

meaningful impact on Japan’s auto market?

On July 28, BYD launched the Racco, its first Kei-car BEV in Japan. After subsidies, the Masahiro Akita

+81 3 6777 6998 model is priced <JPY 2 mn, making it one of the most competitively priced BEVs in the

masahiro.akita@bernsteinsg.com market, although BYD adopted a more cautious pricing strategy than we had anticipated.

The company is targeting annual sales of 10K units. With 2026 increasingly viewed as a

Eunice Lee, CFA potential inflection point for BEV adoption in Japan, the launch of the Racco could mark an

+852 2123 2606

eunice.lee@bernsteinsg.com important development. In this report, we revisit the key question; how significantly could

Racco reshape Japan's auto landscape, and could it help accelerate the EV transition?

Tomohiro Kashimoto

+81 3 6777 6975 BYD's ‘Racco’ starts at JPY 1,995k after subsidies: BYD's Racco is the company's first

tomohiro.kashimoto@bernsteinsg.com Kei-car BEV developed specifically for Japan and is positioned in the highly popular super-

height wagon (SHW) segment. The model is offered in three grades - 200, 300 Plus, and

Seunghyeok Kim 300 Premium - with prices ranging from JPY 2,145k to JPY 2,497k. After applying the +81 3 6777 6974

seunghyeok.kim@bernsteinsg.com JPY 150k CEV subsidy, the entry-grade Racco 200 is available at a purchase price of JPY

1,995k, making it one of the most competitively priced BEVs in Japan. The Racco offers a

Ethan Xu WLTC driving range of 210 km for the 200 grade and up to 320 km for the 300 Plus and