BYD, the Chinese EV maker best known for its e6 and Atto 3 models, is having difficulties in India. The corporation is on track to fall short of its 2023 ambitions in India by 70-80%. BYD sold around 2,000 units in the nation in 2022. In India, the company now sells the e6 MPV and the Atto 3 EV SUV. However, product delays and difficulties in obtaining homologation certifications have postponed the introduction of the localized Atto 3 and imported Seal high-performance electric sedans to 2024. Furthermore, BYD was fined $9 million by the Directorate of Revenue Intelligence for underpaying taxes, which hampered its development aspirations.
The e6 MPV and Atto 3 EV SUV are part of BYD’s Indian offering. However, it has encountered challenges, such as product delays and difficulties acquiring homologation certifications. As a result, the localized Atto 3 and imported Seal high-performance electric vehicle has been delayed until 2024. Earlier this year, the firm was fined $9 million for failing to pay taxes. BYD had failed to meet the requirements for reduced tax rates, rendering the carmaker liable to pay a larger proportion depending on the car’s worth. The fine has been paid, and BYD now plans to meet its 2023 objectives in 2024. With strong goals for 2024, BYD is actively working on India. They are optimistic about their chances once homologation is completed. In November, the business expects to receive a homologation certificate for the Atto 3. BYD will have two SUV models by 2024, the present one and an advanced motor-equipped vehicle, in addition to the e6 and the new Seal. Demand is robust, but fulfilling supply demands to expand volumes in India is a challenge. Due to strong responses to its models, the brand retains its position as the market leader in the Rs 30-50 lakh range, ahead of Hyundai and Kia.
BYD, the Chinese electric car manufacturer, has significant obstacles in meeting its India objectives for 2023. Product delays and issues acquiring homologation certifications have caused delays in the launch of models such as the Atto 3 and Seal. Furthermore, BYD was fined $9 million for failing to pay taxes, which has affected its development ambitions. Despite this, the corporation is still dedicated to the Indian market, with high ambitions for 2024 after homologation is completed. BYD maintains its lead in the Rs 30-50 lakh sector as it strives to obtain a homologation certificate for the Atto 3 and scale up manufacturing. The demand for these models is high, but the main problem is maintaining a consistent supply to fulfil the demand. BYD’s expanding markets strategy includes India, and the business is committed to overcoming the challenges it now confronts in this critical market.
