Tesla Rival BYD Sets New Sales Record In India Amid Elon Musk-Led EV Giant’s Push Into The Region – BYD (OTC:BYDDF), BYD (OTC:BYDDY)

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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