Proposes to invest $1 billion in India for EVs and Batteries
Tesla intends to invest in India after the meeting of Tesla CEO Elon Musk and PM Modi in New York.
Now BYD, the world’s largest producer of EVs and plug-in hybrid vehicles, has submitted a $1 billion investment proposal to build electric vehicles and batteries in India.
BYD and the Hyderabad-based local company, Megha Engineering & Infrastructures Limited have submitted a proposal to form an EV joint venture to the Indian regulators.
Their investment proposal also includes a plan to set up charging stations in India and build research and development and training centers.
BYD’s push into India is a strategy to challenge Tesla with its rapid global expansion, which still leads in sales of EVs alone.
BYD had previously invested $200 million in India. It is currently selling the Atto 3 electric SUV and the E6 EV in the Indian market and plans to launch its luxury electric sedan this year.