BYD Seeks Approval For $1 Billion Plan To Manufacture EVs, Batteries in India By CIOTechOutlook Team

BYD Seeks Approval For $1 Billion Plan To Manufacture EVs, Batteries in India

CIOTechOutlook Team | Friday, 14 July 2023, 08:44 IST

China's BYD Co. has made a $1 billion investment proposal to produce electric vehicles and batteries in India in collaboration with a local firm. The persons, who asked to remain anonymous since the application is personal, stated that BYD and Megha Engineering and Infrastructures, a privately held company with its headquarters in Hyderabad, have submitted a request to Indian regulators for the creation of an EV joint venture.

One of the three sources added that the long-term goal is to produce a complete line of BYD-brand EVs in India, ranging from hatchbacks to luxury vehicles. BYD, the biggest EV and plug-in hybrid vehicle manufacturer in the world. In the past, the business stated that it intended to establish manufacturing in India, the third-largest automotive market in the world today.

The rapid global expansion of BYD is part of its effort to compete with Tesla, which still dominates the market for electric vehicle sales alone. With the exception of the United States, all of the main global auto markets would have a BYD presence if the India investment were to be approved.

BYD Co. Ltd. is a publicly traded Chinese manufacturing corporation with its headquarters in Shenzhen, Guangdong. In February 1995, Wang Chuanfu established it. BYD Auto and BYD Electronic are the two main subsidiaries of the business. Automobiles, buses, lorries, forklifts, electric bicycles, solar panels, and rechargeable batteries are all produced by BYD Company.