BYD Co proposes $1 billion investment in India to establish electric car and battery manufacturing partnership

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BYD Co, in conjunction with the privately held Hyderabad-based Megha Engineering and Infrastructures, has reportedly submitted a proposal to Indian regulators for the formation of an electric vehicle (EV) joint venture., as per Reuters. Reportedly, the strategic vision involves the establishment of a comprehensive range of BYD-branded electric vehicles (EVs) in India, spanning from hatchbacks to luxury models.

BYD, recognized as the world's leading manufacturer of EVs and plug-in hybrid vehicles, did not provide an immediate response to the request for comment.  It is worth noting that the company had expressed its intentions to establish manufacturing facilities in India, which currently ranks as the world's third-largest automobile market. As of now, there has been no response from India's commerce and heavy industries ministries regarding the matter.

As BYD continues its swift global expansion, its foray into the Indian market is seen as a strategic move to directly compete with Tesla, which currently holds the top position in EV sales. Should the investment proposal in India receive approval, it would enable BYD to establish a significant presence in all major automotive markets worldwide, with the exception of the United States.

This expansion solidifies BYD's commitment to capturing a larger share of the global EV market. BYD has made a substantial investment of $200 million in India, where it currently offers the Atto 3 electric SUV and the e6 EV for corporate fleet sales.

Furthermore, the company intends to introduce its Seal luxury electric sedan later this year. The company, renowned for its Blade batteries and electric vehicles (EVs), has outlined its ambitions to gradually increase production to 100,000 EVs