Chinese electric carmaker BYD, which is backed by Warren Buffett, announced during an auto show near New Delhi on Wednesday that it will release its third passenger electric vehicle in India in the fourth quarter of this year.
The luxury sedan, called the BYD Seal, will have a range of 700 kilometers. The company also plans to increase its dealer network in India by double in 2023. BYD’s first passenger car in India was an electric SUV, launched in October, with a goal of capturing 40% of India’s electric car market by 2030.
BYD intends to sell 15,000 units of its Atto 3 electric SUV in India in the current year. The company has invested over $200 million in the country and intends to establish local production facilities in the future.
This move comes at a time when the Indian government is closely monitoring investments from China and has limited such investments following a border dispute between the two countries in 2020.
The shift towards electric vehicles (EVs) is gaining momentum in India. Domestic companies such as Tata Motors and Mahindra & Mahindra are introducing affordable EV models, while global companies like BYD and Kia Motors are offering premium options.
According to a prediction by S&P Global Mobility, India is expected to become the third-largest market for passenger and light vehicles, surpassing Japan.
