Tesla's possible entry into the Indian market without competition from BYD

Tesla’s possible entry into the Indian market without competition from BYD

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According to estimates by S&P Global Mobility, the annual production of light electric vehicles in India is expected to increase to 1.4 million by 2030, accounting for close to 19 percent of the total projected production of 7.25 million. In 2022 it was less than 50,000.

India’s emerging EV market is dominated by local player Tata Motors TAMO.NS, whose best-selling Nexon EV retails for up to $19,000, while Chinese carmaker MG Motor’s ZS EV starts at $28,000, while BYD The Atto 3 retails for around $41,000 in India.

Toyota Motor 7203.T, Hyundai Motor 005380.KS and Kia 000270.KS all sell mid-size gasoline SUVs starting around $24,000, Tesla’s marked entry point.

Tesla currently does not sell vehicles in India.

“Tesla has become a desirable product in name only,” said Sam Fiorani of AutoForecast Solutions. “Add to that an affordable product tailored for the Indian market and it has the potential to be a local hit.”

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