There’s a lot of action in India’s electric vehicle (EV) space with Chinese manufacturer BYD announcing plans to significantly increase its market presence. It currently sells EVs here, but mostly on a business-to-business basis. Keeping a low profile, the Warren Buffett-backed company hopes to soon sell an electric sport-utility vehicle (SUV) that is assembled locally and later expand its portfolio of battery-powered offerings. .
While BYD has been in India for many years, New Delhi’s deteriorating relations with Beijing may have kept its plans low-key. It is the world’s largest seller of EVs by volume, however, has recently overtaken Tesla, and it will serve our market well to further its efforts to compete with EV manufacturers. Those who have already made a mark. Recently, Mahindra revealed plans to launch a line-up of SUVs. Tata Motors has stolen ahead of others with a small SUV, while Hyundai and MG Motors have EVs as well. As competition intensifies, we can expect battery technology improvements and cost reductions. BYD first earned its global reputation for power-packed advances. The rivalry it can present should neither be underestimated nor deterred.
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.