BYD to be Present in 90% of India’s EV Market by 2024 End

BYD India aims to increase its market coverage in India by year-end and retain its lead in the Rs 30-lakh plus EV segment

With ambitions to dominate the growing electric vehicle market in India, Chinese EV manufacturer BYD intends to increase its market coverage in India from the current 65% to 90% by year-end.

Moreover, the company plans to strengthen its top position in the segment of EVs priced above Rs 30 lakh.

As we saw yesterday, BYD India rolled out its third product, the BYD Seal EV sedan, in India, with prices ranging from Rs 41 lakh to Rs 53 lakh. As of March 6, the company has witnessed an impressive 200 bookings.

In addition, as reported by PTI, BYD is working towards securing homologation certification from ARAI for its electric SUV, the Atto 3, which will lift the restriction on import volumes to 2,500 units.

Homologation is a process that certifies vehicles for their roadworthiness according to government-specified regulations, a requirement for all cars manufactured or imported into the country.

BYD aims to dominate the Rs30-lakh EV segment (Source: BYD)

BYD’s Plans for 2024 in India

At the moment, BYD India’s passenger vehicles division has a dealership network of 24 showrooms in 21 cities, offering two products – the BYD ATTO 3 (Rs. 33.99 – 34.49 Lakh, ex-showroom) and e6 SUV (Rs.29.15 Lakh, ex-showroom).

Passenger electric vehicles (EVs) sell more in metros and Tier I cities across India. So, to achieve 90 per cent coverage, BYD plans to establish new showrooms in regions such as the North East and other Tier 2 cities, where it sees potential demand for EVs in the Rs 30-lakh category.

According to the company, the South holds the title of the largest EV market in India, followed by the North and West, with almost equal market sizes.

However, the company received disappointing news as the Indian government recently rejected the proposal of BYD to set up a $1 billion manufacturing plant in Hyderabad.

When asked about its impact on BYD’s growth in the country, the official stated, “Whatever the demand, we are trying to cater to that as per the government regulations.”

BYD to launch Atto 3 with Certification Plans (Source: BYD)

BYD Cars in India

In CY2023, BYD ranked as the fourth-largest passenger EV manufacturer in India, with 1,997 units sold, a notable 341% increase from the previous year’s 343 units (CY2022).

It followed Tata Motors (59,580 units), MG Motor India (9,430 units), and Mahindra & Mahindra (4,201 units).

BYD India, recording the highest YoY sales growth among the four brands, aims to hold its leadership position in the Rs 30 lakh EV segment.

Both models of BYD – Atto 3 SUV and e6 MPV – priced within the Rs 30-40 lakh bracket, played a crucial role in achieving this target.

BYD’s first product, the e6 MPV, accounts for approx. 60 per cent of its sales are from fleet buyers. On the other hand, the company reveals that its is working to obtain homologation certification from ARAI for its family-centric, Atto 3 e-SUV.

What’s interesting is that BYD India has recently launched its EV sedan, SEAL, priced between Rs 41 lakh and Rs 53 lakh.

Sales at BYD India rely heavily on retail financing, accounting for 60-70 per cent, with referrals accounting for 25 per cent of its total volumes.

BYD Seal launched in India at Rs 41 Lakh; 200 bookings in day one (Source: BYD)

New Affordable BYD EVs to India?

BYD India did not disclose anything about local assembly or manufacturing plans, but the company is considering high-volume electric vehicles in the country.

Sanjay Gopalakrishnan, SVP of Electric Passenger Vehicle Business, BYD India, told the media, “We do have affordable models in the global portfolio, and as the Indian EV market matures, we can consider them for India. We feel once the EV market reaches about 5-7 per cent penetration, the volumes will shoot aggressively.”

Gopalakrishnan signed off by expressing BYD’s commitment to a long-term presence in the country and its intention to introduce new models in the coming years.