BYD seeks nod for $1B investment to build EVs, batteries in India: Report
BYD and a privately-held Hyderabad-based firm have submitted a proposal to Indian regulators to form an EV joint venture.
China's Co has submitted a $1 billion investment proposal to Hyderabad-based Megha Engineering and Infrastructures to build electric vehicles (EV) and batteries in India, according to a report by Reuters.
According to the report, BYD and the Hyderabad-based firm have submitted a proposal to Indian regulators to form an EV joint venture.
The long-term plan is to build a full line-up of BYD-brand EVs in India--from hatchbacks to luxury models, it reported.
YourStory could not independently verify this news.
The company had previously said it planned to set up manufacturing in India, which is now the world's third-largest car market.
Iin January this year, Sanjay Gopalakrishnan, Senior Vice-president, passenger EV business, BYD India, said, the company has sold 700 EV cars of a single model in 2022 and expects to sell 15,000 units of three models in the current calendar year.
BYD, the Shenzen-headquartered Chinese conglomerate, is a leading manufacturer of electric vehicles. BYD India has an assembling plant in Chennai.
BYD initially introduced an electric bus in India in 2017, which it followed up with an electric passenger car in November 2021. Globally, the company sold 1.8 million electric vehicles in 2022.
The Indian electric vehicle market is evolving fast and is expected to hit over 63 lakh unit per annum by 2027, according to a report by India Energy Storage Alliance.
Edited by Megha Reddy