BYD plans $ 1 bn investment for EVs and batteries in India
17 Jul 2023
2 Min Read
CW Team
Chinese automotive company Build Your Dreams (BYD) had submitted a $ 1-billion investment proposal to construct electric cars and batteries in India. They formed a partnership with a local manufacturing company, Megha Engineering and Infrastructures, and together, they submitted a proposal to regulators to establish an electric vehicle (EV) joint venture. One of the three individuals familiar with the matter mentioned that their long-term plan is to manufacture a complete range of BYD-branded electric cars in India, starting from hatchbacks to luxury models.
Although the Indian government has not officially confirmed this development, senior officials stated that they are prepared to welcome any potential investors in the country. A senior government official informed, "So far, we have not received their representation but if they are planning to come we are ready to welcome them."
Reuters reached out to BYD for comment, but they did not immediately respond. However, the company had previously announced its intentions to establish manufacturing operations in India, which is now the world's third-largest car market.
BYD has sold over 7 million vehicles globally thus far. However, since commencing its operations in 2021, BYD has only sold 1,893 cars in India. In contrast, Tata Motors, India's largest electric vehicle manufacturer, has sold more than 50,000 cars in the country, as reported by the Ministry of Road Transport and Highways' VAHAN portal data.
Reuters requested comments from the Ministry of Commerce and Industry and the Ministry of Heavy Industries, but they did not immediately respond.
BYD's expansion into India is part of its rapid global growth strategy aimed at challenging Tesla, which currently dominates the electric car sales market. If the investment proposal for India is approved, BYD will have a presence in all major global car markets, except the United States.
Tesla recently resumed discussions with the Indian government after temporarily suspending its plans to enter the market last year. The talks were halted when Tesla failed to secure lower tax duties on imported vehicles. BYD has already invested $200 million in India, where it currently sells the Atto 3 electric SUV and the e6 EV to corporate fleets. They also plan to launch their luxury electric sedan, the Seal, later this year.
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Chinese automotive company Build Your Dreams (BYD) had submitted a $ 1-billion investment proposal to construct electric cars and batteries in India. They formed a partnership with a local manufacturing company, Megha Engineering and Infrastructures, and together, they submitted a proposal to regulators to establish an electric vehicle (EV) joint venture. One of the three individuals familiar with the matter mentioned that their long-term plan is to manufacture a complete range of BYD-branded electric cars in India, starting from hatchbacks to luxury models.
Although the Indian government has not officially confirmed this development, senior officials stated that they are prepared to welcome any potential investors in the country. A senior government official informed, So far, we have not received their representation but if they are planning to come we are ready to welcome them.
Reuters reached out to BYD for comment, but they did not immediately respond. However, the company had previously announced its intentions to establish manufacturing operations in India, which is now the world's third-largest car market.
BYD has sold over 7 million vehicles globally thus far. However, since commencing its operations in 2021, BYD has only sold 1,893 cars in India. In contrast, Tata Motors, India's largest electric vehicle manufacturer, has sold more than 50,000 cars in the country, as reported by the Ministry of Road Transport and Highways' VAHAN portal data.
Reuters requested comments from the Ministry of Commerce and Industry and the Ministry of Heavy Industries, but they did not immediately respond.
BYD's expansion into India is part of its rapid global growth strategy aimed at challenging Tesla, which currently dominates the electric car sales market. If the investment proposal for India is approved, BYD will have a presence in all major global car markets, except the United States.
Tesla recently resumed discussions with the Indian government after temporarily suspending its plans to enter the market last year. The talks were halted when Tesla failed to secure lower tax duties on imported vehicles. BYD has already invested $200 million in India, where it currently sells the Atto 3 electric SUV and the e6 EV to corporate fleets. They also plan to launch their luxury electric sedan, the Seal, later this year.
Also read:
Icra Reports: India's tyre demand to grow 6-8% in FY24 Maha govt establishes Green Panel to raise Rs 50 bn through Green
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