BYD Proposes $1 Billion Investment for EV and Battery Manufacturing in India
- ByStartupStory | July 16, 2023
Chinese automaker BYD (Build Your Dreams) Auto Co has submitted a $1 billion investment proposal to Hyderabad-based Megha Engineering and Infrastructures for the manufacturing of electric vehicles (EVs) and batteries in India, as reported by Reuters. BYD and the Hyderabad-based firm have jointly approached Indian regulators with the proposal to establish an EV joint venture. The long-term plan involves building a comprehensive lineup of BYD-brand EVs in India, ranging from hatchbacks to luxury models.
BYD had previously expressed its intention to set up manufacturing operations in India, which is now the world’s third-largest car market. In January of this year, Sanjay Gopalakrishnan, Senior Vice-president of BYD India’s passenger EV business, stated that the company sold 700 EV cars of a single model in 2022 and anticipates selling 15,000 units of three models in the current calendar year.
BYD, a prominent Chinese conglomerate headquartered in Shenzhen, is a leading manufacturer of electric vehicles. BYD India already has an assembling plant in Chennai. The company initially introduced an electric bus in India in 2017, followed by an electric passenger car in November 2021. Globally, BYD sold 1.8 million electric vehicles in 2022. The Indian electric vehicle market is rapidly evolving and is projected to exceed 6.3 million units per annum by 2027, according to a report by the India Energy Storage Alliance.
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