Deepika Agrawal 
Chinese EV maker BYD, short for Build Your Dreams, is betting big on the Indian EV market as it introduced its third product – Seal – in the country recently. The company has already received 200 bookings for the vehicle with major share coming from cities like Gurugram, Delhi and some parts of South. The first lot of 90 vehicles will come to the country in the first week of April via the Completely Built-Up (CBU) route.
The world’s largest EV maker by volume, BYD sees India as a crucial market for staying on top of the global EV game. While it isn’t doing volumes in the country at present (selling some 100-120 units per month), it has started seeing consumers warming up to the brand. The global narrative is surely helping it and so is the traditional marketing strategy – the word of mouth. Globally, the awareness around BYD is getting better ever since the brand dethroned Tesla as the top EV maker. Now, organically, when people talk about Tesla, BYD slides into the conversations, and that is rubbing off on the evolved or globally aware people in India as well. BYD Seal is considered to be a global equivalent of the Tesla Model 3 and thus grabs attention almost instantly.
The power of word of mouth is such that it helps the company rake in 25% of its current sales. Professionals like IT executives, doctors and lawyers have been strong customers of the brand, especially in Southern states like Kerala. In the southeast, Hyderabad was a very EV-friendly market but the 18% tax levy has served a blow to sales in the city. Apart from referrals, the pure EV player is focusing on digital marketing and touch and feel activities in partnership with dealers to increase sales.
Given that currently, the overall EV car penetration in India is only at 2-2.5%, BYD is patiently waiting for the market to expand. Sanjay Gopalakrishnan, Senior Vice President, BYD India, said, “India is a big market for us and potential is there. Maybe it is a slow market, and we will have to wait and watch to strategise for the future.” The government has set a 2030 goal of reaching 30% EV penetration in the passenger vehicle market. Sanjay G. said while that might be a far-fetched vision, reaching 15-20% EV penetration is a possibility. “Going by current trends, if the PV market even reaches six million units, EVs would make up 1.8 million units; it’ll be 1.2 lakh per month versus 9,000 at present,” he added.
He hinted that the industry is waiting for the mass market players to enter the EV space by next year and create a sweet spot for the entry-level EV market, expected to be around INR 18 to INR 23 lakh. This will help set the tone for other EV players and formulate their future strategies. When asked about the possibility of launching smaller electric models from BYD’s global portfolio any time soon, he said that the company has many options to pick from the global portfolio. “We can do whatever we want in terms of the products. We will see as and when the time comes,” he explained.
Meanwhile, the brand is getting itself established in the market by showcasing the premium-ness and technology aspects of its vehicles. This comes at a time when most electric cars available in the market are ICE converted into EVs. Sanjay G. said, “We want to showcase the pure EV architecture and let people understand the difference.”
While addressing the challenges faced by EV owners in India, he said that range anxiety and charging infrastructure are two of the major concerns. Products from BYD address the range anxiety by providing per charge run of up to 650 kilometres. However, people mostly prefer charging their vehicles at home as most public chargers are unutilised. Government initiatives related to establishment of dedicated charging infrastructure in housing societies could change the dynamic and also add to the popularity of EVs. In fact, smaller cities are seeing growing adoption of EVs because of individual houses, which makes charging easier while distance covered is also shorter than in cities.
BYD currently has 24 showrooms across 21 cities and plans to expand the network to Tier II and Tier III cities where incomes and businesses are growing. The company also plans to expand to areas where luxury vehicles demand is stronger. It entered India in 2007 as an electronics manufacturer and in 2022, it entered the passenger vehicle market with the e6 MPV. Later that year, it brought in the Atto 3 electric SUV for individual buyers. The Seal performance electric sedan became the latest to join the India portfolio with an aim to woo the aspirational and environmentally conscious buyers.
