BYD India, a subsidiary of the Chinese vehicle manufacturer BYD, is optimistic about the growth of the electric vehicle (EV) market in India and is planning to launch a new model this year.
The company, which has two models in the SUV and MUV segments, is expected to sell 15,000 units of three models in 2023, according to Sanjay Gopalakrishnan, the senior vice-president of BYD India’s passenger EV business. The third model, a sedan, will be introduced in October.
BYD, a leading global manufacturer of EVs, has sold 1.8 million electric vehicles worldwide in 2022. The company has invested $200 million in India and has an assembly plant in Chennai with a capacity that can be increased depending on demand. BYD India currently has 24 dealer points across the country.
According to Gopalakrishnan, the penetration rate of EVs in India is currently low, but by 2030, the optimistic projection for the size of the electric passenger vehicles market is 30% of the total, which is 55-60 lakh. BYD India aims to have a 40% share of the country’s passenger EV market by that year.
A report by the India Energy Storage Alliance predicts that the Indian electric vehicle market will grow to over 63 lakh units per year by 2027.