Tata Motors’ dominance in the electric passenger vehicle space is likely to be checked this year by two Chinese companies. MG Motor and BYD who are looking to acquire one-third of India’s EV market.
Tata Motors has a market share of around 85% of the domestic electric passenger vehicle segment. So far, the company has had no competition in the segment.
MG Motor and BYD, China’s biggest EV maker, are revving up operations to grab a slice of the burgeoning pie.
MG Motor is targeting sales of 20,000-24,000 EVs this year. It would be 25-30% of its total vehicle sales of 80,000 for the year.
The EV penetration in MG’s total volume stood at 10%. If it achieves the sales volume target, the company would have a market share of 20-24. Another Chinese company which has quietly built its network and brand in India is BYD. Having entered the country more than a decade ago to build electric buses. BYD entered the electric car space over a year ago with the launch of the E6. The country’s first electric multi-seater people mover targeted at the taxi segment.
Now BYD has launched the Atto 3 SUV in India and aims to make it the best-seller. Priced at Rs 35 lakh, which is more than double the Tata Nexon EV, India’s best-selling electric vehicle, the Atto 3 is also BYD’s first product targeted at the personal buyer and has a range of 521 km.
In the October-December period, BYD aims to bring a premium electric sedan called Seal to the market. This sedan has a claimed range of 700 km on a full charge which would make it one of the highest in India.
