Despite obstacles in expanding the Indian market, BYD, the world's largest NEV maker by sales, unveiled the third EV in India and is waiting for local certification for its previous EVs for further expansion.
According to multiple reports, including the Economic Times, Autocar Professional, and Mint, BYD launched SEAL in India. It is the third EV that BYD has introduced in the market after Atto 3 and E6. The SEAL comes with two battery options: 61.44kWh and 82.56kWh.
SEAL is priced between INR4,100,000 and INR5,300,000. E6 and Atto 3 cost INR2,910,5000 and about INR3,400,000, respectively. Tata Motors, the largest EV brand in India, provides Punch, Tiago, and Tigor, priced at INR1,000,000-1,400,000.
The Economic Times quoted Sanjay Gopalakrishnan, senior vice president of Electric Passenger Vehicle Business at BYD India, saying that the company aims to cover 90% of the EV market in India by being present in major towns and tier-1 cities, which is expected to do by 2024. Earlier, the company also set a target to reach a market share of 40% in India by 2030.
Meanwhile, BYD said it applied for the Homologation certificate for its Atto 3 in India, after which the company will not be restricted by a cap on the number of vehicles allowed to be imported. BYD India is importing SEAL under the Economic Commission for Europe vehicle certification and selling the Atto 3 in India under the GSR 870 CIRT certificate.
Citing data from the Federation of Automobile Dealers, Bloomberg reported that the number of BYD cars sold in India grew by 314% year-on-year to 1,877 units.
BYD is eyeing India as part of its global expansion strategy. Despite its ambition, BYD faced obstacles in expanding in India due to India's suspicion of investments from China, a country with a land border with India that requires stricter FDI regulations. BYD established a subsidiary in India in 2007. In 2022, its plan to form a joint venture with Megha Engineering and Infrastructure failed to materialize.
