• Fri. Dec 8th, 2023

BYD proposes to invest $1 billion in India for EVs and batteries

BYD proposes to invest  billion in India for EVs and batteries

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.

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