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The electric passenger vehicle (PV) market is set to see increased activity in the coming days with customers getting a wider choice and incumbents facing a new competitor.
BYD will debut in the domestic market in October 2022 with the launch of an electric SUV that might give hard competition to MG ZS EV, Hyundai Kona, and the upcoming Tata Curvv.
BYD is headquartered in Shenzhen, China, and became the biggest EV company in the first six months of 2022 by outperforming Tesla. Now it has set its eyes to grab a 15% market share with a target sale of 10000 units by 2030.
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The company plans to enter the mainstream EV market with its Atto3 SUV during the upcoming festive season given the strong response to its E6 MPV.
Sanjay Gopalakrishnan, senior vice-president—of electric passenger vehicles, BYD India, said: “By 2030 the Indian car market will reach 6 million units. Out of this, EVs will account for 30% of the market. We want to grab 15% of this EV space by that time.”
He also added “We are getting significant traction for our vehicles in India from corporate customers, we want to expand further into the personal buyer's space with our SUVs. We are planning to showcase our vehicle architecture and battery technology at the upcoming Delhi Auto Expo, with a long-term vision of participating in the growing EV business in India.”
“Our long-term vision is to grab 10-15% market share of passenger electric vehicle space by 2030, but how we reach that is yet to be defined. The initial target is to sell 10000 Evs for which we have a setup, the next set for local manufacturing will be explored next year,” he said.
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