VinFast slightly outsells Tesla in close fight during festival season

Vinfast sold 137 cars versus Tesla's 109 during the festive months of September and October, as BYD maintained a strong lead with over 1,100 cars sold, according to Fada data

The festival season witnessed a close fight between the two new international entrants in the electrical vehicle (EV) segment in India- Tesla and VinFast – with the latter slightly taking the lead by selling 137 cars, compared to the former’s 109 during the September-October period.

 

Data from the Federation of Automobile Dealers Associations (FADA) showed that the Texas-headquartered Tesla retailed 69 and 40 cars in the festival months of September and October, respectively. Vietnamese auto giant VinFast, which is fast expanding its India network, retailed 6 and 131 cars, respectively in the two months. (see chart)

 

VinFast Asia CEO Pham Sanh Chau had indicated in September that they aim to become a major EV player in India in the next 5-10 years, and are willing to inject more capital here. The company is steadily expanding its network in India, unlike a slower strategy adopted by Tesla. Earlier this month it opened its 24th dealership in India in Gurugram, and by the end of calendar 2025, it aims to have 35 dealerships across the country.

 

Tesla, on the other hand, has showrooms in Mumbai and Delhi. According to reports, it has got 600 bookings in India so far.

 

VinFast is selling its compact SUV VF6 (starting from ₹16.4 lakh) and mid-sized SUV VF7 (starting from ₹20 lakh). This is a third of the Tesla Model Y price in India (starting from ₹60.99 lakh on road). The Model Y sells for ₹35.3 lakh in the US, and around ₹32 lakh in China. The India pricing is higher as Tesla has chosen to import fully-built-units into the country, unlike VinFast, which is going ahead with local assembly. It recently inaugurated its Tamil Nadu plant in Thoothukudi, which can assemble 50,000 units a year that can be scaled up three-fold in coming years.

 

Interestingly, another foreign EV giant, which is eyeing a share of India’s growing EV market, China’s BYD, has sold more than 1,000 vehicles during September and October. Around 1,117 BYD cars were registered in the two months. BYD has retailed 3,506 cars between April and October in India (see chart).

 

BYD imports its vehicles from China as its plans to establish local manufacturing has met with resistance from the Indian government. 

 

BYD’s Atto 3 SUV starts at around ₹25 lakh in India, while it also offers high-end cars like the Sealion 7 (at around ₹48 lakh).

 

Together, BYD, VinFast and Tesla have cornered a 4 per cent share of India’s EV market in October. However, the battle is set to intensify with VinFast expanding its network, which would boost volumes, and BYD’s plans to bring more competitively priced models in 2026. The BYD Atto 2 is likely to debut next year which may be priced below ₹20 lakh, pitting it against some of the highest selling EV models in the country like the Tata Nexon EV (₹14.5-₹18.6 lakh), MG ZS EV (₹19-₹21 lakh).

 

Anurag Singh, advisor, Primus Partners said, “India is the world's third largest market and has growth potential. However, it is a competitive market and requires a high degree of commitment. Half measures don’t work. It requires local manufacturing, network, India-specific model lineup, high quality and reasonable price. One should not read too much into October data and wait a few months for real trends to emerge.”

 

EVs are still at a nascent stage in India cornering around 3-4 per cent of overall auto retail. A little over 90,000 electric PVs have sold between April and October this year, compared to 2.5 mn PVs retailed during the same period.

 

India aims to achieve a 30 per cent share of EVs in overall vehicle sales by 2030, making it a lucrative market for foreign players trying to make a mark in this growing market.

 

PV Retail
Maker	April	May	June	July	Aug	Sep	Oct
BYD India Pvt Ltd	397	532	507	503	450	547	570
Tesla India Motors & Energy	0	0	0	0	0	69	40
Vinfast Auto India Pvt Ltd	0	0	0	0	0	6	131
Source: Fada Research