BYD Co plans to invest $1 billion in India for electric car and battery production
BYD Co. of China recently presented an intriguing proposal to invest $1 billion in India to establish manufacturing facilities for electric vehicles and batteries. According to Sources, BYD Co intends to collaborate with an Indian company on this venture.
According to Sources, BYD Co, in collaboration with the privately held Hyderabad-based Megha Engineering and Infrastructures, has submitted a proposal to Indian regulators for the formation of an electric vehicle (EV) joint venture.
According to reports, the strategic vision includes the establishment of a full range of BYD-branded electric vehicles (EVs) in India, ranging from hatchbacks to luxury models. BYD, the world’s leading manufacturer of EVs and plug-in hybrid vehicles, did not respond immediately to a request for comment.
It is worth noting that the company has stated its desire to establish manufacturing facilities in India, which is currently the world’s third-largest automobile market. As of now, there has been no response from India’s commerce or heavy industries ministries.
As BYD continues its rapid global expansion, its entry into the Indian market is seen as a strategic move to compete directly with Tesla, which currently leads in EV sales. Except for the United States, if the investment proposal in India is approved, BYD will be able to establish a significant presence in all major automotive markets worldwide. This expansion demonstrates BYD’s determination to capture a larger share of the global EV market.
BYD has made a $200 million investment in India, where it currently sells the Atto 3 electric SUV and the e6 EV to corporate fleets. In addition, the company plans to launch its Seal luxury electric sedan later this year.
The company, known for its Blade batteries and electric vehicles (EVs), has stated its intention to gradually increase production in India to 100,000 EVs per year over the next few years. As it works to build a strong supply chain, the company will initially ship vehicle components for assembly within the country. According to reports, BYD and Megha’s investment proposal includes the establishment of charging stations across India, as well as the construction of research and development facilities.
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