BYD passenger car debuts in India

Reuters

Warren Buffet-backed Chinese electric carmaker BYD (1211) launched its first passenger car in India yesterday, an electric sport-utility vehicle, marking its entry into the mainstream market amid a broader global expansion.

BYD, which already sells electric buses and electric vehicles for corporate fleets in India, launched the Atto 3 electric SUV, fitted with BYD's renowned Blade battery technology, in the world's fourth-largest car market where Tata Motors dominates electric car sales.

"We intend to sell 15,000 units of BYD-Atto 3 in India over the next year and plan to set up a local manufacturing facility in due course," BYD India executive director Ketsu Zhang said, adding that the company had invested more than US$200 million (HK$1.56 billion) in India.

The move comes amid a wider global push by the Chinese carmaker which has already started selling electric cars and plug-in electric hybrids in markets around the world, including Norway, New Zealand, Singapore, Brazil, Costa Rica and Colombia.

Earlier this year, BYD said it would start selling its passenger EVs in Japan from 2023 and also has plans to set up a facility in Thailand - its latest among 30 others in the United States, Brazil and India - to produce 150,000 cars a year from 2024.

Meanwhile, EV sales in China rose at their slowest pace in five months as demand faltered in a sputtering economy despite government incentives to revive the auto market, though industry officials forecast a stronger end to the year.