Tesla plans to invest in India after the meeting between Tesla CEO Elon Musk and Prime Minister Modi in New York. BYD, the world’s largest manufacturer of EVs and plug-in hybrid vehicles, has just submitted. A $1 billion investment proposal to manufacture electric vehicles and batteries in IndiaThe third largest car market in the world with the participation of a local company.
BYD and Hyderabad-based local company Megha Engineering & Infrastructures Ltd have submitted a proposal to Indian regulators to form an EV joint venture.
Their investment proposal also includes a plan to set up charging stations and build research and development training centers in India.
BYD plans to ramp up production to 1,00,000 EVs annually in India in a few years, but will initially start shipping vehicles in parts for assembly in the country as it works to build a supply chain.
BYD’s foray into India is a strategy to challenge Tesla with its rapid global expansion, which still leads only in sales of EVs. If India’s investment is approved, it will give BYD a huge advantage and presence in all major global car markets.
BYD previously invested $200 million in India. It currently sells the Atto 3 electric SUV and the E6 EV in the Indian market and plans to launch a luxury electric sedan this year.
BYD’s long-term plan is to manufacture the brand’s complete product line, from hatchbacks to luxury models, in India.