Tesla Rival BYD Sets New Sales Record In India Amid Elon Musk-Led EV Giant's Push Into The Region
BYD Co. Ltd. achieved a new sales record in India, surpassing 3,000 units sold in early August, matching its total sales for the previous year. This growth comes amid Tesla's expansion in the region, despite challenges for BYD due to strained India-China relations and a rejected $1 billion investment for an EV plant. Meanwhile, Tesla faces declining sales in various markets, including France and China, while opening a showroom in Mumbai to sell its Model Y.
BYD Co. Ltd. BYDDY BYDDF hit a new sales milestone in the Indian market amid rival Tesla Inc.'s TSLA expansion in the country.
A Steady Shift In Customer Behavior
BYD's local franchise partner in the country said the company is observing a shift in customer behavior, Nikkei Asia reported on Thursday. "Now, most of them consider buying a BYD as their primary vehicle," a BYD representative said in the report.
BYD crossed the 3,000 units sold mark in India in the first week of August. Interestingly, this was the number of units it sold in the country during the entirety of last year, the report said.
Hurdles Lie In BYD's Indian Expansion
However, BYD's expansion in India has been facing challenges due to the strained political ties between India and China following border skirmishes in the Himalayan region.
The Indian government rejected $1 billion investment in India to set up an EV manufacturing plant in the country, leading to heavy tariffs for the Chinese automaker.
BYD's Growth In The UK
BYD has experienced a 314% surge in sales in the UK during July, as the company sold over 3,184 units. BYD's YTD sales clock in at 22,574 units, which illustrates a 514% YoY jump from July 2024.
Tesla Expands Into India Amid Sales Decline
Meanwhile, Tesla pushed on with its entry into the Indian market with a showroom in Mumbai, where the company will sell its Model Y for $70,000 in the country.
Elsewhere, Tesla sales have been falling across multiple markets globally, as the company recorded double-digit slips in France, Sweden and Denmark. Tesla also recorded a slowdown in Chinese sales.
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