BYD

Tesla intends to invest in India after the meeting of Tesla CEO Elon Musk and PM Modi in New York.

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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.

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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.

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Their investment proposal also includes a plan to set up charging stations in India and build research and development and training centers.

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BYD’s push into India is a strategy to challenge Tesla with its rapid global expansion, which still leads in sales of EVs alone.

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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.

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BYD

Proposes to invest $1 billion in India for EVs and Batteries