China’s BYD, the world’s largest electric car maker by sales, will focus on consolidating its leadership position in the luxury electric vehicle segment in India, a top company executive said.
Sanjay Gopalakrishnan, senior vice-president of BYD India’s electric passenger vehicle business, told ET, near-term the company will focus on showcasing its technology and strengthening its footprint in the premium electric vehicle segment with cars priced above Rs 30 lakh.
The statement comes amid increased government scrutiny of investments from the eastern neighbour which has put a spanner in the company’s immediate growth plans in the country.
“It (Rs 30 lakh+) is a niche segment. But growing. Right now our focus is to showcase the technology. As and when the market evolves, we have a global portfolio of products, we will see how to bring them to India”, Gopalakrishnan said on the sidelines of the launch of electric sedan BYD Seal priced upwards of Rs 41 lakh, adding, the company is looking at long-term prospects in this market.
Gopalakrishnan declined to comment on how the company plans to capitalise its expansion plans in the Indian market going ahead or if it will look at partnerships to grow its footprint in the country. He, however, said, the company is looking at it from a long-term perspective. “India is a big market. It is already the fourth largest market for passenger vehicles globally and is likely to be the third largest one by 2030. It is a long-term market (for BYD)”, he informed.
Last year, the Indian government had rejected BYD’s proposal to invest $1 billion to locally manufacture electric vehicles in the country. The Indian government’s scrutiny of investments from China has sharpened after border skirmishes between the two nations.
The Warren Buffett-backed carmaker expects that by 2030, one in every three cars sold in India will be electric.
BYD said the adoption of electrification in the country is progressing as expected. The company’s third launch BYD Seal will help strengthen its presence in this space. BYD will simultaneously work on increasing reach to shore up volumes and aims to cover 90% of the electric vehicle market in India by the end of the ongoing calendar year.
At present, BYD India’s passenger vehicles division has a dealership network with 24 showrooms across 21 cities. The company sells two products – BYD Atto 3 and the e6.
