BYD, an electric vehicle manufacturer from China, overtook Tesla as the leading EV producer in the world in Q2 2022. It outsold American EV manufacturer Tesla Inc. by around 1 lakh units and registered 266% YoY growth in car sales. These changes are taking place while the worldwide market for EVs is growing by 61% year over year.
BYD, the current market leader in EVs, also has plans to build a sizeable presence in India soon. The company will launch a new EV product during this festive season. Although this wouldn’t be the first EV from the brand in India, the BYD e6 EV MPV that launched a couple of months back was primarily designed for the commercial fleet market and is still available in the country. With the EV maker’s renewed interest in the Indian EV industry, mainstream products are likely on the cards.
Beating Tesla In EV Sales
The second quarter of 2022 saw a 266% YoY growth in sales for the Chinese EV maker BYD Auto, which sold more than 3,54,000 EVs. BYD has effectively ousted Tesla, which had previously held the top spot in EV manufacturing and sales globally, thanks to the exponential expansion that has enabled it to achieve this position. On the other hand, Tesla shipped 2,54,000 units in the same Q2 of 2022, a 27% YoY increase in sales.
BYD’s India Plans
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BYD intends to join the Indian EV industry over this festive season with products aimed at the more established EV market. A factory in Sriperumbudur, close to Chennai, will be used by the company to assemble its products. The company might showcase some new made-for-India products at the Auto Expo early next year.
The Chinese EV manufacturer is anticipated to design a lineup that includes electric sedans, SUVs, and hatchbacks. The brand first plans to sell 10,000 assembled vehicles in India, with the intention of eventually establishing a local assembling factory here. After witnessing the success of the BYD e6 EV MPV, the company may decide to launch its Atto3 EV SUV in India.
Senior VP BYD Auto, Gopalakrishnan, was recently quoted saying, “BYD Auto wouldn’t have to submit to such rigorous government inspection procedures. The Atto3 EV SUV and other vehicles are part of the company’s plans to expand the roster. These new EV models should help BYD achieve its 10 to 15% market share in the EV segment in the country by 2030.”