Home Business Warren Buffett-backed BYD to launch electric passenger car in India

Warren Buffett-backed BYD to launch electric passenger car in India

BYD to launch first passenger EV in India amid global push

New Delhi:

Warren Buffett-backed Chinese electric car maker BYD on Tuesday will launch its first passenger car, an electric sport-utility vehicle (SUV), in India to enter the mainstream market amid massive global expansion.

BYD, which already sells electric buses and electric vehicles (EVs) for corporate fleets in India, will launch its Atto 3 electric SUV in the world’s fourth-largest car market, where domestic carmaker Tata Motors is on the cusp of electric car sales. dominates.

The move comes amid a broader global push by the Chinese carmaker, which has 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 begin selling its passenger EVs in Japan from 2023 and also plans to set up a facility in Thailand – its latest in the United States, Brazil and India among 30 others – To produce 150,000 cars. 2024. It launched the Atto 3 electric SUV in Thailand on Monday.

BYD’s thrust in India comes at a time when the South Asian country is closely scrutinizing investments coming from border countries, including China.

Tighter controls on such upcoming investments forced Chinese carmaker Great Wall Motor to plan to invest $1 billion in India earlier this year after it failed to get regulatory approval.

However, BYD already has a manufacturing plant in the country and a source familiar with the company’s plans said that assembling and selling the Atto 3 will not require bringing in fresh investments.

The Shenzhen-based auto and battery maker, which includes Buffett’s Berkshire Hathaway as an investor, entered India in 2007, producing batteries and components for mobile phone makers from its plant near the southern city of Chennai.

In 2013 it started manufacturing buses in the country with a local Indian partner and in 2021 it launched its e6 EV for sale to corporate fleet operators and owners.

BYD has the capacity to produce 10,000 units annually at its southern India plant where it will assemble the Atto 3.

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