BYD India to miss 2023 sales target by over 70%; Atto3 SUV to get one more variant soon.
Chinese EV brand BYD, which is the fastest growing EV car, SUV brand globally, has hit multiple roadblocks in India. Our sister publication Autocar Professional learns that the maker of E6 and Atto3 is likely to miss India targets by over 70 to 80 percent in 2023.
- BYD sold around 2,000 units in India in 2022
- Currently has the E6 MPV and Atto3 EV SUV in its India line-up
- Atto3 line-up will get one more variant soon
Localized BYD Atto3 and Seal launch delayed
Not only BYD has witnessed product delays, it has even faced challenges on securing homologation certificates for its sort after SUV Atto3. Resultantly, the localised version of the SUV and imported Seal high performance sedan which were scheduled to launch this year, have both been moved to 2024, say people in the know.
A screening by the Department of Revenue Intelligence earlier in the year fined BYD to the tune of $9 million as per Reuters report for underpaying taxes – an episode that also may have posed a significant head wind to the expansion plan of the company.
Reuters report had stated that BYD had not met the necessary conditions to benefit from the lower tax rates, making the automaker liable to pay either 70 per cent or 100 per cent based on the car’s value. The penalty has been paid and the company will now look to achieve the numbers in 2024 similar to the numbers it had planned in 2023.
“The focus on India has not waned in any which way, it is in fact gotten even more active. The plans are aggressive for 2024 and the company is confident of doing significantly better next year once the homologation is done,” said a person close to the developments.
Apart from meeting the ecosystem frequently during 2023, the company is close to securing a homologation certificate for Atto3 in November. By 2024, BYD will have two different versions of Atto3 – the current version and the new one will come with an updated advanced motor, then there will be E6 and the new Seal.
While the brand has not been able to accelerate its India story, yet it continues to be the leader in the Rs 30 lakh to Rs 50 lakh segment ahead of Hyundai and Kia thanks to the good response to its models.
“Demand is not an issue at all, it is about getting the supplies in place to build volumes in the country. India is seen as a critical international base for BYD’s emerging markets plan,” said another person in the know.
The top management from China representing Indian operations has been consistently in touch with the local ecosystem with meetings in neighboring countries.
BYD had plans of ramping up assembly at its facility on the outskirts of Chennai, which has a capacity to produce about 20000 vehicles per annum. Beyond that the company has been in discussion with alliance partner MEIL for local manufacturing – a proposal on the same has been presented to the government already.
The company had sold close to 2000 units in 2022, this year too with sales of 25000 units, it will still post 20-25 percent growth.
Also see:
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BYD India delivers over 700 Atto 3 EV SUVs since January