China’s BYD launches third EV model in India, starts work on Brazil plant as it revs up overseas expansion
- The Warren Buffett-backed carmaker has priced the Seal sedan in India from US$49,468 onwards
- The Shenzhen-based carmaker has started construction on a US$680 million plant in Brazil’s Bahia state, with operations likely to commence by end-2024
The company’s push into potentially huge overseas markets coincides with a discount war in mainland China, where fiercer competition is seen hurting carmakers’ profitability amid narrowing margins.
The Shenzhen-based carmaker, backed by Warren Buffett’s Berkshire Hathaway, is now taking orders for the Seal, a premium battery-powered sedan with a starting price of 4.1 million rupees (US$49,468) in the South Asian nation, a move to display the company’s technology and quality, it said in a statement.
In Brazil, BYD officially started work on its first plant in South America, according to Reuters on Wednesday.
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“We are confident that the BYD Seal, a luxurious sports sedan, will provide our customers in India with a premium and unforgettable driving experience,” Sanjay Gopalakrishnan, senior vice-president of BYD India, said in the statement on Tuesday.
