By Michael Elkins
Chinese electric vehicle maker, BYD (OTC:BYDDY) announced on Tuesday that they launched the company’s first passenger car in India. The Atto 3 is an electric SUV fitted with BYD’s renowned Blade battery technology. The launch is the first step in the Warren Buffet backed company’s plan to corner 40% of the country's electric car market by 2030.
The move also comes amid a wider global push by the Chinese carmaker which has begun selling EVs and plug-in electric hybrids in markets around the world, including Norway, New Zealand, Singapore, Brazil, Costa Rica and Colombia.
"We intend to sell 15,000 units of BYD-Atto 3 in India over the next year and plan to set up a local manufacturing facility in due course," BYD India executive director Ketsu Zhang said.
"India will be one of the key markets in BYD's global portfolio," Sanjay Gopalakrishnan, senior vice president of electric passenger vehicles at BYD India told media.
The India push comes during tight scrutiny of investments from bordering nations, including China. Strict controls on such incoming investments forced Chinese carmaker Great Wall to shelve its $1 billion India entry plan.