Chinese electric vehicle maker BYD is planning an aggressive push into India’s electric car market after the booking a whopping 208% growth in full-year car sales that fuel the acceleration of its overseas push,
Unveiled at India Auto Expo 2023, Sanjay Gopalakrishnan, senior vice-president at BYD India said the company is aiming to capture 40 per cent of India’s electric vehicle (EV) market by 2030.
The development of electric vehicles in India is lagging behind other countries such as China and the US. Against this backdrop, BYD has a ton of room to grow in the market.
BYD, which entered India in 2007, will launch its third electric model-the Seal luxury sedan, by the last quarter of 2023, Gopalakrishnan said. It introduced its first EV, the Atto 3 SUV, last year.
BYD hasn’t released its fourth-quarter financial report, but its third quarter financial report showed that the Shenzhen-based company has been on an upward sales trend this year, with EV shipments booked a whopping 350% growth in third quarter, BYD's combined sales of pure electric and hybrid plug-in vehicles surged 250% in the first nine months to 1.2 million units.
By comparison, Tesla sold just over 564,000 electric vehicles during the period, while domestic EV rivals XPeng Inc and Nio Inc - both loss-making - sold more than 98,500 and 31,600 respectively.
This tremendous growth has enabled BYD to plan an aggressive push into new market including India.
Aside from India, BYD is now selling its cars in multiple overseas markets including Norway, Singapore and Brazil. BYD aims to sell four million vehicles in 2023. To do so, oversea markets is the strategic fulcrum of BYD’s expansion because the overseas markets have more room to grow than China where competition is highly intense.
The company also delivered its blade battery to Tesla’s factory in Berlin, German-made Model Y is Tesla’s first model to equip with the battery starting from September this year.