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Chinese automaker BYD Co. plans to move boldly into India's electric vehicle market.
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A flurry of foreign carmakers competing for a bigger slice of the world's fourth-largest automobile market.
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"The Warren Buffett-backed BYD is seeking to capture 40% of India’s EV market by 2030," said Sanjay Gopalakrishnan, senior vice president of its local unit.
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“Being a global manufacturer, we have to keep aggressive goals," Gopalakrishnan said.
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India is a good bet because “people are realizing the need for EVs and the charging infrastructure is picking up."
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The switch to electric vehicles in India is behind other countries like China and the US.
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But that hasn't stopped foreign automakers from exhibiting EVs at this week's Auto Show as they compete for an opportunity to share in the lucrative market.
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BYD will introduce their third vehicle powered by electricity, called the Seal luxury sedan, at the end of 2023's quarter, Gopalakrishnan announced.
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It's hoping to sell 15,000 electric cars in the coming year.