China’s BYD has submitted a $1 billion (nearly Rs. 8,200 crore) investment proposal to establish a joint venture for electric cars and batteries in India. The proposal was made in partnership with Hyderabad-based Megha Engineering and Infrastructures. The plan includes the production of a full range of BYD-brand electric cars in India, from hatchbacks to luxury models. BYD, the world’s largest producer of electric vehicles (EVs) and plug-in hybrid vehicles, aims to expand its global presence and challenge Tesla. While Tesla has also expressed interest in the Indian market, BYD’s investment would give it a presence in major global car markets, excluding the United States.
BYD has already invested $200 million (nearly Rs. 1,650 crore) in India and plans to launch its Seal luxury electric sedan this year alongside the existing Atto 3 electric SUV and e6 EV models. The total production capacity proposed by BYD is yet to be confirmed, but the company plans to scale up to a production capacity of 100,000 EVs annually over a few years.
The investment proposal also includes plans to set up charging stations, research and development centers, and training centers in India. However, this joint proposal comes amid stricter investment rules introduced by India since 2020, which require scrutiny of investments from neighboring countries, including China.
BYD entered the Indian market in 2007 by producing batteries and components for mobile phone makers. In 2013, it formed a joint venture with Megha Engineering, called Olectra Greentech, to manufacture electric buses.
In terms of market competition, BYD will face competition from domestic automaker Tata Motors and Chinese rival MG Motor, who currently dominate the electric car sales market in India.
Overall, BYD’s investment proposal in India demonstrates its commitment to expanding its presence in the global EV market and competing with industry leaders like Tesla.
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