Electric cars: Warren Buffet-backed BYD plans push into India’s growing EV market, aiming for 40 per cent share by 2030

Name: Behind the scenes at BYD Auto: China’s biggest electric vehicle factory
Uploaded: 2023-01-12T03:04:13.000Z
Duration: 1 min 47 s
Description: Behind the scenes at BYD Auto: China’s biggest electric vehicle factory

The Chinese company joins a rush of foreign carmakers jockeying for a bigger share of the world’s fourth-biggest auto market

India’s switch to EVs is lagging behind other countries such as China and the US, hampered by high upfront costs and a lack of charging infrastructure

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BYD introduced its first EV, the Atto 3 SUV, last year. It is planning to sell 15,000 electric cars this year. Photo: Handout

Bloomberg

Published: 11:04am, 12 Jan 2023Updated: 11:36am, 12 Jan 2023

Chinese carmaker BYD is planning a bold push into India’s electric car market, joining a rush of foreign carmakers jockeying for a bigger share of the world’s fourth-biggest auto market.

The Warren Buffett-backed BYD is seeking to capture 40 per cent of India’s electric vehicle (EV) market by 2030, Sanjay Gopalakrishnan, senior vice-president of its local unit, said in an interview at India Auto Expo 2023 on the outskirts of New Delhi.

“Being a global manufacturer, we have to keep aggressive goals,” Gopalakrishnan said. India is a good bet because “people are realising the need for EVs and the charging infrastructure is picking up.”

India’s switch to electric vehicles is lagging behind other countries such as China and the US, hampered by high upfront costs and a lack of charging infrastructure. Still, that has not deterred foreign carmakers showcasing EVs at this week’s auto show as they vie for a slice of the potentially lucrative market.

MG Motor India, a unit of China’s SAIC Motor on Wednesday said it plans to launch three electric models by the end of next year, while South Korea’s Kia said it plans to invest 20 billion rupees (US$245 million) in India over the next four to five years to develop electric vehicles and launch its first domestically made EV in 2025.

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Behind the scenes at BYD Auto: China’s biggest electric vehicle factory

BYD, which entered India in 2007, will launch its third electric model, the Seal luxury sedan, by the last quarter of 2023, Gopalakrishnan said. It introduced its first EV, the Atto 3 SUV, last year. It is planning to sell 15,000 electric cars this year.