BYD Co, a Chinese company has recently put forth a proposal to invest a substantial amount of $1 billion in the development of electric vehicles and batteries in India. In collaboration with local firm Megha Engineering and Infrastructures BYD aims to establish a joint venture specifically focused on the production of BYD brand electric vehicles within India. This significant investment will encompass not only manufacturing facilities but also charging stations and research and development centers.
BYD Co, a prominent Chinese company has recently presented an investment proposition worth a staggering $1 billion. This proposal aims to establish a collaborative effort with a local entity in India to manufacture electric vehicles (EVs) and batteries.
In conjunction with Megha Engineering and Infrastructures, a privately held company based in Hyderabad, BYD intends to create a joint venture for EV production. Moreover, they have ambitious aspirations to eventually construct an entire range of BYD-brand EVs in India encompassing everything from hatchbacks to luxurious models.
This undertaking as reported by sources forms a crucial part of BYD’s global expansion strategy as they seek to compete with Tesla, the current leader in EV sales.
India currently ranked as the world’s third-largest car market has become a focal point for BYD’s manufacturing plans. They have already pledged $200 million in investments in the country where they presently sell the Atto 3 electric SUV and the e6 EV to corporate fleets.
Additionally, they plan to introduce the Seal luxury electric sedan to the Indian market this year. Should their investment proposal be approved, BYD would establish a presence in all major car markets worldwide except for the United States.
Tesla on the other hand had previously placed their plans to enter the Indian market on hold after facing obstacles in securing lower tax duties on imported vehicles. However, they have recently resumed discussions with the Indian government. This development adds further intrigue to the competition between BYD and Tesla as both companies vie for a significant presence in India’s rapidly growing EV market.
In their endeavor to expand EV production in India, BYD envisions an annual output of 100,000 EVs within a few years. To achieve this they may initially transport vehicle components for assembly within the country gradually establishing a robust supply chain.
As part of their investment proposal BYD and Megha also intend to establish charging stations throughout India. Additionally, they plan to set up research and development facilities as well as training centers demonstrating their commitment to fostering technological advancements and knowledge sharing.
