BYD all-set to Tap into Indian mainstream EV market with Atto 3 launch

BYD, Warren Buffet-backed Chinese EV maker introduces its first PV Car, Atto 3, in India on Tuesday. This marks the company's entry into mainstream Indian EV market.

Highlights

► Chinese EV maker, BYD, introduced its first PV car in India, Atto 3.

► BYD Atto 3 is an electric SUV marking the company's entry into mainstream EV market in India.

► Already selling in Norway, New Zealand, Singapore, Brazil, Costa Rica, and Colombia.

BYD Atto 3 Introduced

On Tuesday, Warren Buffet-backed Chinese electric carmaker BYD launched its first passenger car in India, an electric sport-utility vehicle (SUV), marking the company's entry into the mainstream market as part of a larger global expansion.

BYD introduced the Atto 3 electric SUV, which is equipped with its renowned Blade battery technology, with the goal of capturing 40% of the country's electric car market by 2030.

The move is part of a larger global push by the Chinese automaker, which has begun selling EVs and plug-in hybrids in countries such as Norway, New Zealand, Singapore, Brazil, Costa Rica, and Colombia.

BYD announced earlier this year that it would begin selling passenger EVs in Japan in 2023 and would establish a manufacturing facility in Thailand in 2024.

According to Sanjay Gopalakrishnan, senior vice president of electric passenger vehicles at BYD India, "India will be one of the key markets in BYD's global portfolio."

BYD plans to sell 15,000 units of the Atto 3 in India over the next year, where it has already invested over $200 million, and to set up a local manufacturing facility in due course, according to a statement.

According to LMC Automotive, BYD's global sales will increase to 180,000 units by 2030, up from an estimated 18,000 units in 2022. This compares to China sales, which are expected to increase to 2.6 million units by 2030, up from an estimated 1.9 million units in 2022.

BYD's India push comes amid increased scrutiny of investments from neighboring countries, including China. Strict controls on such incoming investments compelled Chinese automaker Great Wall to abandon its $1 billion India expansion plan.

It began building buses with a local Indian partner in 2013, and it will launch its e6 EV for corporate fleets in 2021.

"BYD's slow build strategy allows it to assess the business environment and identify challenges before adapting its business model and strategy," said Ammar Master, senior manager, Asia Pacific Vehicle Forecasts at LMC.

However, given current government protocols, future investments may be difficult, he said.

Electrification is gaining traction in the world's fourth-largest car market, where domestic companies such as Tata Motors, India's top-selling EV maker, and Mahindra & Mahindra are increasing their investments and global players such as BYD and Kia Motor are introducing premium models.

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