Chinese automotive giant BYD’s India operations expressed optimism about the country’s electric vehicle trajectory, predicting that passenger car EV penetration will reach 20 percent by 2030, as the company focuses on addressing consumer concerns beyond just awareness.
Rajeev Chauhan, Head of Electric PV Business at BYD India, told attendees at the India EV Conclave that the company has been strategically filling market gaps since entering India three and a half years ago. “We focused on specific segments. Now in the last one year, we have been filling the white spaces,” Chauhan said.
Dispelling the notion that consumer education remains a primary challenge, Chauhan stated: “Awareness on EVs is plenty. We need to address consumer needs case by case. Address issues around residual value which is one of the inhibitors.”
His comments highlight a shift in the Indian EV market from awareness-building to addressing practical concerns. “EV buyers are no different from other buyers. What he or she is looking for is a value proposition,” Chauhan emphasized.
BYD India sold 3,500 cars in 2024 compared with 2,500 units in 2023, showing modest but steady growth in a market dominated by domestic players. In 2024, 105,695 units of electric four-wheelers were registered in India, marking a year-on-year growth of 12.8 percent, with EV penetration in the passenger vehicle segment reaching 2.5 percent. Since then, the market has taken off, with penetration rising to 6% as new models, particularly from Mahindra and JSW MG, added to the excitement.
BYD currently imports semi-knocked down kits and assembles them at its facility in Sriperumbudur, Tamil Nadu. The company sells premium EVs including the Atto 3, eMax 7 (formerly e6), and Seal sedan in the Indian market in the Rs 25-45 lakh price segment. The company’s attempts to establish a manufacturing footprint in India have not met with success due to regulatory issues.
Chauhan acknowledged the persistent nature of supply chain challenges, a concern shared by other panelists. “Supply chain issues are perennial and are not going to go away,” he said, adding that the semiconductor crisis five years ago served as a wake-up call. “When semiconductor challenges happened about five years ago, it helped many realize the complexities of the global supply chain. Now about five years later, many countries have worked on it and have taken great strides.”
His confidence in the 20 percent penetration target by 2030 aligns with the Indian government’s broader goal of achieving 30 percent EV share across all vehicle segments by the end of the decade. Currently, India’s EV market accounts for about 2.5 percent of all cars sold in 2024, with the government setting an ambitious target for EVs to make up 30 percent of total passenger vehicle sales by FY 2030.
BYD has solidified its dominance in the global EV market, reporting annual revenues exceeding $107 billion in 2024, delivering 4.27 million vehicles worldwide—nearly double Tesla’s 1.79 million units. However, the company faces regulatory challenges in India due to geopolitical tensions between India and China.
Despite challenges, BYD has been expanding its dealership network across India and is reportedly in discussions with Indian conglomerates for potential manufacturing partnerships, though these plans remain unconfirmed.