Chinese Company BYD Proposes $1B Plan To Build EVs, Batteries In India: Report

August 10, 2023

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.

Gallery: YangWang U8 SUV

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.

As always, we'd like to know what you think about this, so head over to the comments section below to give us your thoughts.

This content was originally published here.

Chinese Company BYD Proposes $1B Plan To Build EVs, Batteries In India: Report