BYD, the Chinese electric vehicle manufacturer, unveiled its latest offering, the BYD Seal EV sedan, in India on March 5. With this launch, BYD aims to expand its market presence from the current 65 percent to more than 90 percent in the forthcoming years.
In pursuit of reaching the 90 percent coverage goal, the company intends to broaden its reach beyond its existing 24 outlets. It aims to establish new showrooms in regions such as the North East and other cities showing promise for electric vehicles in the Rs 30-lakh category.
Sanjay Gopalakrishnan, Senior Vice President of the Electric Passenger Vehicle Business at BYD India, declared in New Delhi that the company’s ambition is to capture a minimum of 90 percent of India’s EV market. Accordingly, they will strategically open additional showrooms in response to market demands. BYD India intends to bolster its presence in significant metropolitan areas and key cities such as Jaipur, Calicut, and Surat. Moreover, they plan to extend their reach into regions with relatively lower coverage, including the gradually developing North East market.
The company observes that the southern region constitutes India’s largest EV market, trailed by the northern and western regions. Gopalakrishnan expresses confidence that achieving coverage of 90 percent of the overall market within the third year of operations would represent a notable accomplishment.
Despite being ranked as the fourth-largest passenger EV manufacturer in India in CY2023, BYD India is committed to retaining its leadership position in the Rs 30 lakh EV segment. This will be achieved through offerings such as the Atto 3 SUV and e6 MPV, both priced within the Rs 30-40 lakh range. The e6 MPV, the company’s inaugural product, sees approximately 60 percent of its sales from fleet buyers. As for the Atto 3 e-SUV, which targets families and is currently undergoing homologation, there is potential for sales to surpass the 2,500 units-per-year limit for non-homologated fully-imported cars.
Gopalakrishnan emphasized the company’s aspiration to take the lead in the Rs 30 lakh EV segment by leveraging its sedan-MPV-SUV lineup. The goal for CY24 is to achieve positive growth through an expanded network and a more extensive product portfolio. BYD India predominantly relies on retail financing for its sales, with referrals contributing to 25 percent of the total volumes.
The company is investigating EV buyback initiatives and recognizes the difficulties associated with battery recycling, especially considering the nascent stage of the industry. Gopalakrishnan anticipates the resolution of these challenges by around CY2025, marking the onset of the next phase of EV ownership in India.
Although BYD India has not revealed any specific plans for local assembly or manufacturing, it is contemplating introducing more cost-effective EV models from its international lineup to India as the market progresses. Gopalakrishnan foresees robust volume expansion once the EV market achieves a penetration rate of 5-7 percent. This underscores BYD’s enduring dedication to the Indian market and its aspiration to be counted among the leading global EV manufacturers by 2030
