Chinese Company BYD Proposes $1B Plan To Build EVs, Batteries In India: Report
Chinese automaker BYD, which is the world’s largest plug-in vehicle manufacturer, has submitted a $1 billion investment proposal to the Indian government to build all-electric vehicles and batteries in the country, according to Reuters, citing three people with direct knowledge of the plan.
If approved, the plan will see BYD form a joint venture with privately held local company Megha Engineering and Infrastructures which will result in a full line-up of BYD-branded EVs in India, ranging from entry-level hatchbacks to luxury sedans.
Currently, BYD has multiple brand names in its portfolio, from the budget-oriented Seagull city car to the recently introduced YangWang luxury marque which will go on to produce the U9 electric supercar and U8 electric off-roader.
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The Reuters report doesn’t mention what models will go on to be assembled in India, but if BYD’s proposal is approved, it would give it a presence in all major global car markets, except the United States, where the firm’s cars are non-existent.
Last month, BYD sold over a quarter of a million plug-in passenger vehicles, with the bulk of the 251,685 units going to its home market in China. Battery-electric vehicles accounted for 128,196 vehicles, an 84 percent increase over last year, while plug-in hybrid sales amounted to 123,489 vehicles, an even bigger increase of 92 percent compared to last year. All in all, BYD sold 88 percent more plug-in vehicles in June 2023 than it did in the previous year.
By comparison, Tesla shipped 93,630 made-in-China EVs last month, which is 18.7 percent more than a year ago, but lagging behind BYD by a fair amount, albeit only when considering units made at the Shanghai Gigafactory.
The Austin-based, Elon Musk-led EV brand is reportedly also considering an investment in India, with negotiations between the company’s CEO and the country’s government going on for years. However, a recent report states that Tesla is currently in talks for a possible manufacturing facility that would assemble the brand’s future affordable EV.
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