Chinese auto giant BYD set to enter India in October

BYD which is counted as the world’s third-most valuable carmaker after Tesla and Toyota with a market capitalization of about $127.5 billion has plans to drive into the Indian electric vehicle market in the upcoming festival season. The company is looking to assemble vehicles in Sriperumbudur, near Chennai even as the plan is to sell nearly 10000 units of vehicle over the next couple of years before capturing close to 10-15 percent by 2030. Furthermore, during the same time, the company will explore opportunities for development of local manufacturing facilities, various media reports suggest.

The development comes even as several Chinese OEMs have struggled to set up their manufacturing base in India on account of border-related clashes and acrimonies between the two countries leading to stricter vigilance on Chinese investments in the country.

Sanjay Gopalakrishnan, senior VP, BYD India’s Electric Passenger Vehicle Business informed media that the company does not require any clearance for its existing infrastructure, before adding that decision with regard to  phase-2 of its plans which involves local manufacturing will be taken based on responses for the assembled products. 

It is pertinent to note that BYD already has a joint venture with Toyota Motor Corporation for the same EV powertrain. To be sure, the company had first entered the Indian market way back in 2007 with production of electronic parts, batteries and mobile phones in Oragadam. From  2016 onward the company reportedly started supplying batteries and bus chassis to Olectra from its Sriperumbudur assembly plant. 

As per the company, the plan is to launch Atto3 SUV based on the strong response it has received for its E6 MPV. It will compete with the likes of Hyundai Kona EV and MG Motor’s ZS EV at a price point of around Rs25 lakh  “We are getting significant traction for our vehicles in India from corporate customers, we want to expand further into the personal buyer’s space with our SUVs” he was quoted as saying. After introducing its E6 MPV to corporate and fleet customers in the last year, BYD has already sold close to 450 units, and the company expects to sell more than 1000 by the end of the year, the company added. 

BYD is now likely to showcase its products at upcoming Auto Expo 2023 which includes saloons, SUVs, and hatchbacks in addition to its Blade Battery technology, having a range of around 450-500 km.

BYD, which is a major Chinese automaker based in Shenzhen sells its vehicles under the brand name BYD. It was founded in 1995  and started out as a battery maker before entering the automobile business in 2003. Leveraging its strength as a battery maker, the company is developing electric and plug-in hybrid vehicles. A subsidiary of Berkshire Hathaway, run by U.S. billionaire investor Warren Buffett, invested in the company in 2008.

The company hopes to hire about  100 people by the end of the current year. At present, BYD has 11 outlets in 11 cities and is targeting to have a total of 25-30 showrooms in 18 cities in the next six months.