Sri Lanka’s blue-chip company, John Keells Holdings (JKH), is expected to be one of the key winners in Sri Lanka’s vehicle retail space with the emergence of BYD, HNB Stockbrokers said.
A report by HNB Stockbrokers on the motor vehicle market said that Chinese EV (electric vehicle) maker BYD is expected to consolidate its position as an emerging market leader within the domestic new vehicle space.
However, overall market share may reduce as competition from other non-EV brands picks up.
“We expect BYD will further expand its locally available product range with the introduction of both lower-priced budget models (BYD Seagull/ Dolphin Surf) and high-end models under the Denza brand,” the report said.
Overall, JKH is expected to be one of the key winners in the vehicle retail space, taking substantial market share from legacy brands/original equipment manufacturers (OEM) dealers.
HNB Stockbrokers said that brand new SUVs and crossovers have outpaced cars in both volume and momentum, with new registrations reaching 927 units in May and a cumulative 1,661 units over the trailing three-month period.
The segment has seen a decisive lead by BYD, which accounted for 1,204 of these units (over 70%), highlighting its growing dominance not just in compact and entry-level categories, but across broader body styles.
When accounting for used and reconditioned imports, however, models such as the Honda Vezel, Toyota Raize, and BAIC X55II still maintain a visible market presence, particularly among legacy buyers and value-seekers.
Popular New SUV Models and Mar-May Cumulative Registration Figures BYD’s Atto 3, a compact electric SUV, registered 677 units, while its mid-sized Sealion 6 added 526 units, positioning both models as clear category leaders.
Moreover, the report said that the month-on-month acceleration in BYD’s new SUV registrations suggests that electric drivetrains are rapidly gaining acceptance even among traditionally internal combustion engine (ICE)-heavy buyer profiles.
“If current growth trajectories continue, new EV SUV models may structurally displace ICE options, particularly in urban markets where total cost of ownership is under increased scrutiny,” HNB Stockbrokers said.
With new vehicle registrations in 2025 increasingly trending toward electric models, early movers in the EV space are beginning to define the competitive landscape.
BYD, distributed by JKH, has captured significant early share in both cars and SUVs, benefitting from a strong product lineup, competitive pricing and availability. Its early presence may translate into first-mover brand equity as awareness and adoption rise.