China’s BYD eyes 30% share of India's passenger EV market by 2030

Buoyed by the bright prospects of the local electric passenger vehicles market, Chinese EV maker BYD is banking heavily on India. The Shenzhen-headquartered company, which entered the local passenger vehicle market last year, has set an ambitious target of becoming one of the top three players in the passenger EV segment in India by the end of the decade.
According to Sanjay Gopalakrishnan, senior vice-president of the electric passenger vehicles business at BYD India, the company has set a target of cornering 30 per cent share of the passenger EV market within the next eight years, which will invariably put it at the top ranks.
While the market may be small now - some two per cent of the overall domestic passenger vehicles market - estimates suggest that it could grow exponentially in coming years. “See, not only the size of the passenger vehicles market would grow to 5.5 million units, making India the fourth largest market globally, but the share of EVs is estimated to grow up to 30 per cent in next 8-10 years. This opens up a massive opportunity for us as we are an original EV maker. Our aim is to capture at least 30 per cent of the passenger EV market by 2030,” Gopalakrishnan told Business Today.
As interest in EVs among car buyers is growing, BYD plans to position itself as a superior EV maker in comparison to current front runners like Tata Motors or Hyundai. Apart from offering a seamless EV driving experience, it plans to sensitise local buyers about its proprietary EV technology that it has built globally over the years. Additionally, its in-house manufacturing of EV batteries, semiconductors, electric motors and electric platforms - crucial for a seamless EV experience - gives it a unique edge over other players that are operating in India, it claims.

“All our EVs are born EVs. None of our vehicles are converted EVs. That is the biggest advantage that BYD has and its unique selling point (USP) too,” he said, claiming that driving experience of a “real EV” manufactured by BYD and ICE models converted into EVs could make a difference. Moreover, its EV-focused R&D over the years, allows it to offer safe battery technology, he says.

Entering the India market last year with BYD e6, the company has so far sold 550 cars. In comparison, some 17,800 four-wheelers EVs were sold in FY2021-22. BYD’s targets are ambitious to say the least.

To achieve the same, its management has already chalked out the blueprint. After all, cracking the Indian code is not easy. From US automobile giants Ford and General Motors to iconic Italian brand Fiat - multiple world leaders with deep pockets had to quit the game after failing to win over Indian car lovers.
Starting in August, BYD has launched a fast-paced expansion drive in the country. While its first showroom came up in Kochi two months ago, the company unveiled its 10th outlet in Gurugram on 18 October, with another five in the pipeline - to be opened within a month. According to Gopalakrishnan, by March 2023, BYD will have two dozen showrooms across key cities like Kolkata, Delhi, Mumbai, Chennai, Pune, and Lucknow, among others.
Its second model, Atto 3, was unveiled last week and will be delivered to customers starting in January. While it is already assembling its cars in a facility near Chennai, Tamil Nadu, the company is monitoring the market demand and consumer trends in India before expanding its portfolio. The Chennai facility has an annual capacity of assembling 15,000 passengers EVs and BYD will not shy away from increasing its manufacturing base here, once demand rises, he says.