Tesla intends to spend money on India after the assembly of Tesla CEO Elon Musk and PM Modi in New York. Now BYD, the world’s largest producer of EVs and plug-in hybrid autos, has submitted a $1 billion funding proposal to construct electrical autos and batteries in India, the world’s third-largest automotive market in partnership with a neighborhood firm.
BYD and the Hyderabad-based native firm, Megha Engineering & Infrastructures Restricted have submitted a proposal to type an EV three way partnership to the Indian regulators.
Their funding proposal additionally features a plan to arrange charging stations in India and construct analysis and improvement and coaching facilities.
BYD plans to scale up the manufacturing to 1,00,000 EVs yearly in India over a number of years however would initially start by delivery autos in components for meeting within the nation as it really works to construct up a provide chain
BYD’s push into India is a technique to problem Tesla with its fast world growth, which nonetheless leads in gross sales of EVs alone. If the India funding is authorised, it could give BYD a fantastic benefit and a presence in all main world automotive markets.
BYD had beforehand invested $200 million in India. It’s at present promoting the Atto 3 electrical SUV and the E6 EV within the Indian market and plans to launch its luxurious electrical sedan this yr.
The long run plan of BYD is to construct a full product line-up of the model in India starting from hatchbacks to luxurious fashions.