Fisker Joins Tesla, BYD In Battle For Slice Of India's EV Market Pie

California-based EV maker Fisker Inc FSR said on Monday that it will produce 100 all-electric SUVs for the third-largest automotive market in the world, India. The move comes on the heels of rivals Tesla Inc TSLA and Warren Buffett-backed BYD Co BYDDY BYDDF trying to make headway into the South Asian country.

What Happened: Fisker will produce 100 Fisker Ocean Extreme Vigyan Edition and start delivering them in India in the last quarter of this year. The vehicles are named after the company’s India unit.

"Following the successful start of deliveries in Europe and the U.S., we're thrilled that we can
bring the Fisker Ocean Extreme, with its class-leading range and unique features, to a new
market where we plan to grow our brand rapidly over the coming years," CEO Henrik Fisker said.

"India offers exciting opportunities for us," he added. Fisker’s co-founder and CFO Geeta-Gupta Fisker, who is married to Henrik Fisker, is also a native of India.

Why It Matters: The price tag on the vehicle in India will align with that of Europe, the company said in a statement. In the German market, it is priced at about 69,950 euros, implying a price tag of about 6.5 million Indian rupees without including import taxes and logistics.

In May, Fisker delivered its first Ocean SUV to a customer in Denmark, Europe. A month later, in June, it started deliveries in the United States by handing over 22 Ocean One launch edition SUVs at a facility in Los Angeles.

Fisker also intends to start delivering SUVs in China by the first quarter of 2024.

Tesla and BYD are currently considering an investment in India. Last week, it was reported that BYD has submitted a $1 billion investment proposal to build EVs in the country. Tesla is also in talks with the Indian government about building a factory that will produce up to 500,000 electric vehicles a year, with prices starting from $24,000.

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