As Chinese electric vehicle firm Build Your Dreams (BYD) goes from strength to strength overseas, its Indian business, too, is quietly making inroads into India’s fast-evolving electric car market. Having opened sales to private-use buyers only in late 2022, BYD is still a relative newcomer in India, and yet, in 2023, BYD rose to the top of the country’s midsize EV sector, pipping established German and Korean carmakers to first place in the Rs 30 lakh - 70 lakh price bracket. With only two models in its India lineup, the e6 MPV and Atto 3 SUV, BYD shipped 2,038 vehicles in CY2023 – an over five-fold increase in its annual sales compared to 2022 – as per registration data on the VAHAN portal.
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BYD shipped 2,038 vehicles in CY2023 – an over five-fold increase in its annual sales compared to 2022
While the entry-level and compact EV segments are dominated by market leader Tata Motors and SAIC-owned MG Motor, the midsize EV space is populated by the likes of BYD, Hyundai, Kia, BMW and Volvo. Among all, BYD is the only brand that exclusively sells EVs, which also means its volumes are comparatively diminutive. However, none of the other brands present in the midsize EV space could match the Chinese company on EV sales numbers in 2023, which sold more battery-powered vehicles than BMW, Mercedes-Benz and Audi combined.
BMW Group has two EV models priced under Rs 70 lakh, the BMW iX1 SUV (Rs 66.90 lakh) and the Mini Cooper SE hatchback (Rs 53.50 lakh). However, BMW’s total EV sales – including larger, more expensive models – stood at 1,137 units in CY2023. Total EV sales for Mercedes-Benz India and Audi India – both of which offer EVs priced higher than Rs 70 lakh – stood at 428 units and 128 units, respectively.
Hyundai, which also sells two all-electric models, the Kona Electric (Rs 24 lakh) and Ioniq 5 (Rs 45.95 lakh), reached 1,428 EV sales between January-December last year. Group firm Kia, which currently offers one electric car in India, the EV6 (Rs 60.95-65.95 lakh), sold just over 400 units.
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Volvo, which made a strong start with the XC40 Recharge SUV (Rs 57.90 lakh) and followed it up with the C40 Recharge coupe-SUV (Rs 62.95 lakh), was able to sell 479 units of its electric SUVs in 2023.
BYD fell well short of its previously declared sales target of 15,000 units for CY2023, but still managed to outpace every other brand operating in the Rs 30 lakh to Rs 70 lakh price bracket. The Atto 3 formed a bulk of its sales, while the e6 played a key supporting role, with around 60 per cent of its sales continuing to come from fleet operators, revealed Sanjay Gopalakrishnan, Senior Vice President – Electric Passenger Vehicle Business at BYD India, during a recent interaction.
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The BYD Seal will be its priciest offering upon debut
The Seal, which will be BYD’s priciest offering in India yet, is expected to remain a niche offering, but the brand is hopeful that its performance credentials will have a positive rub-off on sales of other models, and help it maintain the sales momentum it generated in the year gone by.
