BYD India Aims For 90% Market Share In Rs 30-lakh EV Category

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The EV OEM is expanding its presence by opening new outlets in regions such as the North East. It is also working on the homologation of its Atto 3 e-SUV to increase sales potential beyond the current limit of 2,500 non-homologated imported cars per year in India.

Chinese EV manufacturer BYD, which recently introduced its third product, the BYD Seal EV sedan, in India on March 5, aims to increase its market coverage from the current 65 percent to over 90 percent in the coming years.

To achieve this 90 percent coverage, the company plans to expand from its current 24 outlets, opening new showrooms in regions like the North East and other cities with potential for EVs in the Rs 30-lakh category.

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Sanjay Gopalakrishnan, SVP of Electric Passenger Vehicle Business at BYD India, stated in New Delhi that the company aims to cover at least 90 percent of India’s EV market and will open more showrooms based on market requirements. In all major metros and key cities like Jaipur, Calicut, and Surat, BYD India plans to expand its presence in areas with lower coverage, including the slowly evolving North East market.

The company notes that the South is India’s largest EV market, followed by the North and West. Gopalakrishnan believes that covering 90 per cent of the total market by the third year of operations would be a significant achievement.

Although BYD India was ranked the fourth-largest passenger EV maker in India in CY2023, it aims to maintain dominance in the Rs 30 lakh EV segment with models like the Atto 3 SUV and e6 MPV, priced in the Rs 30-40 lakh range. The e6 MPV, its first product, sees about 60 per cent of sales from fleet buyers. The Atto 3 e-SUV, aimed at families currently undergoing homologation, could potentially increase sales beyond the 2,500 units-per-year limit for non-homologated fully-imported cars.

Gopalakrishnan highlighted the company’s ambition to lead the Rs 30 lakh EV segment with its sedan-MPV-SUV combination and aims for positive growth in CY24 with a wider network and larger product portfolio. BYD India’s sales are primarily through retail financing, with referrals accounting for 25 per cent of overall volumes.

The company is exploring EV buyback plans and acknowledges the challenges in battery recycling, with the industry still in its infancy. Gopalakrishnan expects these challenges to be resolved around CY2025, marking the next phase of EV ownership in India.

While BYD India has not disclosed local assembly or manufacturing plans, it is considering bringing more affordable EV models from its global portfolio to India as the market matures. Gopalakrishnan anticipates aggressive volume growth once the EV market reaches 5-7 per cent penetration. It emphasises BYD’s long-term commitment to the Indian market and its ambition to rank among the top global EV makers by 2030.

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Aryaman Raghuvanshi
Aryaman Raghuvanshi
Aryaman Raghuvanshi is a Journalist at EFY. His passion is to explore the future of mobility, which gets him to cover latest technologies shaping the future of automobiles and EVs. But, at times he writes on broader technologies too. LinkedIn: https://www.linkedin.com/in/aryaman-raghuvanshi-2431b7153

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