Can BYD India's new Atto 3 crack the EV segment?

At a time when electric vehicle (EV) sales are dwindling in India, Chinese automobile manufacturer BYD India introduced three new variants of its popular electric SUV Atto 3. The entry-level variant of the electric SUV starts at ₹24.99 lakh. Notably, the upgraded SUV will lock horns with the Tata Nexon EV and ZS EV, which are priced at ₹14.49 lakh and ₹18.98, respectively. 

The upgraded EV has a battery capacity of 49.92 kWh or 60.48 kWh, with a claimed ARAI range of 468 km. Notably, it charges from 0% to 80% within 50 minutes. 

The launch of the new Atto 3 is likely to heat up competition amongst the country's burgeoning electric vehicle segment, especially at a time when automakers strategise to make EVs more affordable. "BYD’s launch of the upgraded Electric SUV Atto 3 is set to shake up the market. This aggressive pricing strategy could force competitors to re-evaluate their offerings. It's a clear signal that BYD is serious about dominating the electric vehicle segment in India," says Puneet Gupta, Director, S&P Global.

The New Energy Vehicle (NEV) manufacturer also received a homologation certificate from the Automotive Research Association of India (ARAI). 

"Unveiling this extended lineup of three variants of the BYD ATTO 3 - Dynamic, Premium and Superior - is a significant milestone for us and a pivotal moment in India’s electric vehicle landscape. We have also introduced the Cosmos Black Edition, adding an element of style and colour to our new lineup. Our diversified offerings not only expand our product portfolio but also pave the way for a more inclusive EV future. We aim to make premium electric mobility accessible to a broader audience. With the launch of these new variants, we are one step closer to realizing this vision," says Rajeev Chauhan, Head of Electric Passenger Vehicles(EPV) Business at BYD India. 

Notably, the Chinese automobile manufacturer alans to expand its presence with a dealership network to 26 showrooms across 23 cities. Earlier this year, the company said it is eyeing pole position in the premium EV segment. BYD, which is the arch-rival of Elon Musk's Tesla, shelved its plans of a $1 billion investment to build EVs in India last year amidst heightened government scrutiny. The company launched Seal in March this year priced at ₹41 lakh to ₹53 lakh in the domestic market.

At present, the company sells the Atto 3 SUV, e6 MPV and sedan Seal in the domestic market. In the H1 of 2024, the company sold 887 units, down 16%, as against 1,049 units in the same period last year. The company is reportedly aiming to achieve 3.6 million unit sales in 2024. According to reports, the Chinese EV maker is aiming to sell 5,00,000 units in the overseas market in 2024 and one million units in 2025.