Chinese electric car giant BYD (BYD) has set off an upsurge in Latin America, including Colombia, Brazil, Mexico, Chile, Peru and other countries can see BYD’s products, but recently they set their sights on India and said Howard said that by 2030, it will take a 40% market share in the Indian market.
BYD’s goal: India’s electric vehicle market share of 40% by 2030
Sanjay Gopalakrishnan, senior vice president of BYD’s Indian subsidiary, said in an interview with Bloomberg at the Indian Auto Show: “As a multinational car manufacturer, we have to look further…India is a pretty good market, and people recognize the need for electric vehicles , leading to the rise of charging infrastructure.”
BYD is setting its sights on India, an emerging market, and has issued a bold statement, hoping to occupy 40% of the electric vehicle market by 2030. Sanjay Gopalakrishnan pointed out that India is a price-oriented market, but BYD will “introduce higher-priced electric vehicles first”, show their superior technology to the locals, and then gradually shift to launch “cheap electric vehicles for the mass market.” .
BYD emphasized that it has launched its first electric vehicle in India in 2022, an electric sports utility vehicle (SUV) called Atto 3, and the goal of the first phase is to sell 15,000 units in India. They revealed that India currently invests more than 200 million U.S. dollars, and plans to directly build electric vehicle factories locally in the future.
Besides India, BYD has also expanded into the Cambodian market. BYD said that it is actively promoting the electrification of Cambodia’s transportation and promoting new energy vehicles. It plans to develop a charging network throughout Cambodia and help improve local charging infrastructure.
BYD pointed out that the Cambodian Ministry of Public Works and Transport purchased a Yuan PLUS from BYD for the first time, and this purchase is a new attempt by the Cambodian government to use this electric vehicle as an official vehicle; It also arrived in Colombia, and at the same time set a record high in the single export volume of BYD DM-i super hybrid models.
BYD takes a firm stand in Latin America, and then storms the Indian market
The DIGITIMES Research Center pointed out that with the start of the Sino-US trade war in 2016 and the rising tension, coupled with the epidemic at the end of 2019, there have been successive shortages of workers, broken chains, and blockades that are not conducive to the production and supply of goods. The production system is excessively concentrated in China, and Southeast Asian countries and India in emerging Asian regions have gradually become potential locations for dispersing manufacturing risks.
Chinese companies, including BYD, are also actively going abroad. One of the markets is India. The big reason is that the Indian Prime Minister Modi (Shri Narendra Modi) government launched the Talito, attracting technology manufacturers from all over the world, especially the mobile phone industry. It has attracted the most attention, and will also develop the tram industry in the future.
The DIGITIMES Research Center emphasizes that, in terms of mobile phone operators, they have formed two major settlements in South and North India, and two specific operators’ layout strongholds. OEMs in different countries have different strategies for setting up factories based on their own capabilities and the locations of mobile phone brand customers.
Chen Zejia, an analyst at the DIGITIMES Research Center, observes that the U.S. ban on China has caused industrial chain reorganization, and even brought multiple pressures on China in terms of technology, international status, and military capabilities, and created national security issues. The development of semiconductors and emerging technologies exerts resistance, and these reasons drive major companies to leave China.
Chips are one of the most needed components in the electric vehicle industry. In order to prevent them from being out of stock, major Chinese companies are actively looking for breakthroughs.
Chen Zejia explained that the United States’ announcement to ban the sale of ultra-high computing power high-performance computing (HPC) chips to China is an indicator. Coupled with equipment export and personnel support restrictions, China’s related chip mass production capacity will be blocked from the manufacturing side. With the continuous accumulation of management and control experience, the control measures implemented by the United States against China have become more precise, and the level of attack has also expanded from a single enterprise in the past to the industrial level.
But so far, BYD is still expanding rapidly, especially in Latin America. They emphasized that the footprint of new energy products has spread all over major countries in Latin America, including Colombia, Brazil, Mexico, Chile, Peru, Ecuador, Dominica, Costa Rica, and Uruguay. Now that BYD has set its sights on Southeast Asia and South Asia, it is expected to establish local supply chains including chips in various countries.