People look at BYD’s Dolphin electric minicar during the 2023 Shenyang International Auto Show in Shenyang, Liaoning province, China, May 3, 2023.
VCG | Visual China Group | Getty Images
China’s BYD Corp has submitted a $1 billion investment proposal to partner with a local company to produce electric vehicles and batteries in India, three people with direct knowledge of the plans told Reuters.
BYD and private Hyderabad-based Megha Engineering and Infrastructures have submitted a proposal to Indian regulators to form an electric vehicle joint venture, people familiar with the matter said. The request was made on condition of anonymity because the application is private.
The long-term plan is to build a full lineup of BYD-branded electric vehicles in India, from hatchbacks to luxury models, one of three people familiar with the matter said.
BYD, the world’s largest maker of electric vehicles and plug-in hybrid vehicles, did not immediately respond to a request for comment.company Before Said plans to build a manufacturing plant in India, currently the world’s third-largest auto market.
India’s Ministry of Commerce and Heavy Industry did not immediately respond to a request for comment.
BYD’s foray into India is part of its rapid global presence expansion to challenge tesla, only electric vehicle sales are still leading. If the Indian investment is approved, BYD will have access to all major global auto markets except the US.
Tesla recently restarted talks with the Indian government after shelving plans to enter the Indian market last year after failing to reduce tariffs on imported cars in talks with Indian officials.
BYD has invested $200 million in India, selling its Atto 3 electric SUV and e6 EV to corporate fleets, and plans to launch its Seal luxury electric sedan this year.
The total production capacity proposed by BYD is not yet clear.
The Blade battery and EV maker plans to expand annual production of electric vehicles in India to 100,000 units within a few years, but may start by shipping auto parts to India for assembly as it tries to build a supply chain . ’ said one source.
The investment proposal also includes plans by BYD and Megha to set up charging stations in India as well as build research and development and training centers, the sources said.