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BYD Company (OTCPK:BYDDY) is due to launch a new luxury sedan in India by the close of 2023.
The world’s largest EV manufacturer told an audience at an auto show near India’s capital that its new, all-wheel drive BYD Seal luxury sedan will become available by Q4 as the company continues to build out a dealer network in the country. The launch announcement follows shortly after the entry of its first passenger car in India during the fourth quarter of 2022.
The company aims to operate at least 53 showrooms in India by the end of 2023. To do so, BYD has plans to open 24 showrooms across 21 cities in India over the coming quarters.
According to a recent analysis from Bain & Company, the EV market in India could balloon to a $100B opportunity by 2030.
“Our analysis indicates that 35%–40% of all vehicles sold in India by 2030 will be EVs, up from 2% in 2022,” the late December report read. “This will equate to approximately 14 million to 16 million new EVs sold each year.”
BYD (OTCPK:BYDDY) has stated an aim to control a 40% share of the Indian EV market by that point. The Chinese EV auto manufacturer’s stock rose 4.71% on Wednesday.
Read more on Berkshire Hathaway’s continued trimming of its stake in the automaker.
