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'We are going step by step. We want the customers to first experience our technology. We are still in that phase of building trust and confidence.'
Chinese electric carmaker BYD is focusing on launching vehicles in the Rs 25-45 lakh price range in India even as it continues to evaluate customer preferences and demand in more affordable segments, its Head of Electric Passenger Vehicles in India Rajeev Chauhan told Business Standard.
Last September, Chauhan told the newspaper that the company was evaluating two extremes — Rs 20-25 lakh and Rs 40-45 lakh segments — for the launch of its new SUV, and a decision would be taken by 2024-end.
BYD unveiled its premium SUV Sealion 7 for the Indian market at the Bharat Mobility Global Expo. While the company will reveal the car price on February 17, it is expected to be around Rs 40-45 lakh. Sealion 7’s deliveries to customers will begin from March 7.
"At the moment, we are focusing on the bracket of around Rs 25-45 lakh. We are concentrating a little more there. Therefore, this car, the electric premium SUV Sealion 7 has been unveiled... We have products for the sub-Rs 25 lakh segment. We will wait for some more time to enter the segment," he said. Mahindra & Mahindra, and Hyundai recently launched their electric cars in the sub-Rs 25 lakh segment.
When asked if being a Chinese company was holding back BYD's future investments in India, Chauhan responded: "It has been said in the media but it has to be a win-win situation for everyone. It has to be a good business case. We are definitely open (to investments)... We are going step by step. We want the customers to first experience our technology. We are still in that phase of building trust and confidence."
He also said that the company was not in talks with any potential partner in India for a joint venture.
"BYD India sold 3,500 cars in 2024 as compared with 2,500 units in 2023. "In 2025, it will be a double-digit growth for sure," Chauhan said.
The company currently imports all its cars from China. According to government regulations, a company is permitted to import no more than 2,500 units of a single model annually. This cap is lifted if the model obtains a homologation certificate from the government-run Automotive Research Association of India (Arai), which certifies that the vehicle meets Indian safety and regulatory standards.
"We can sell as many Atto 3 cars as we want because it has got the homologation certificate in India. The company is in the process of getting a homologation certificate for eMax7. We have not applied for this certificate for Seal, we are evaluating if we should apply for it," Chauhan said.
The company showcased Sealion 6, which is a plug-in hybrid car, at the Expo. "We are trying to evaluate the customer's enthusiasm around a plug-in hybrid car like Sealion 6. Right now, it is at this evaluation stage," he said. No major car manufacturer in India, except a few luxury carmakers like BMW, has launched plug-in hybrid cars.
About 99,165 electric cars were sold in India in 2024, recording a 20 per cent year-on-year growth, according to the Federation of Automobile Dealers Associations (Fada) data. Tata Motors is the leader in the electric car market with about a 62 per cent share.