China’s BYD Co (002594.SZ) has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters.
BYD and privately held Hyderabad-based Megha Engineering and Infrastructures have submitted a proposal to Indian regulators to form an EV joint venture, the people said, asking not to be named because the application is private.
BYD, the world’s largest producer of EVs and plug-in hybrid vehicles, did not immediately respond to a request for comment. The company previously said it planned to set up manufacturing in India, now the world’s third-largest car market.
India’s commerce and heavy industries ministries did not immediately reply to a request for comment.
Tesla has recently restarted talks with India’s government after putting on hold plans to enter the market last year when it failed to secure lower tax duties on imported vehicles in talks with officials.
The total production capacity proposed by BYD was not immediately clear.
The maker of Blade batteries as well as finished EVs has plans to scale up to production of 100,000 EVs annually in India over a few years but would likely begin by shipping vehicles in parts for assembly in the country as it works to build up a supply chain, one of the sources said.
The investment proposal also includes a plan by BYD and Megha Engineering to set up charging stations in India and build research and development and training centres, the sources said.
The joint proposal comes amid stricter investment rules. Since 2020, India has tightened scrutiny of investments from neighbouring countries, including China.
Those controls forced China’s Great Wall Motor (601633.SS) to shelve a plan to invest $1 billion in the Indian market and pushed Chinese state-owned automaker SAIC’s (600104.SS) MG Motor unit to look for a local partner.
Shenzhen-based BYD entered the Indian market in 2007 producing batteries and components for mobile phone makers.
In 2013 it started building electric buses with Megha Engineering, under a joint venture company called Olectra Greentech (OLEC.NS).
BYD, which stands for Build Your Dreams, sold a total of 1.86 million BEVs and plug-in hybrids in 2022. In India, EVs made up just over 1% of total car sales of 3.8 million in 2022 but the government wants to grow this to 30% by 2030.
In India, BYD will compete with domestic automaker Tata Motors (TAMO.NS) and Chinese rival MG Motor that currently dominate electric car sales.
wow that’s a very promising project, the Indian market has huge potential!
Investment is one of the best ways to achieve financial freedom. For a beginner there are so many challenges you face. It’s hard to know how to get started. Trading the Crypto market has really been a life changer for me. I almost gave up on crypto currency at some point not until I got a proficient trader Bernie Doran, he gave me all the information required to succeed in trading. I made more profit than I could ever imagine. I’m not here to converse much but to share my testimony, I invested $5000.00 and got back $50,500.00 within 5 days of investment. His strategies and signals are the best and I have gained more knowledge.
If you are new to cryptocurrency. You can reach to him on Telegram: @BERNIE_FX ,through Gmail :[email protected] or his WhatsApp : +1424(285)0682
The proposed investment showcases the growing interest and competition in the electric vehicle industry, with multiple players vying to establish a foothold in key markets around the world.
I think investing 1 billion USD to produce electric cars and batteries in India with the logic of a local company is very effective.
Contact Spyweb Cyber Security for your cryptocurrency recovery. This is the best crypto recovery company I have encountered and I’m here to share my experience with you all. Spyweb Cyber Security was able to recover my crypto funds from the locked account of my crypto investment platform. It took Spyweb Cyber Security Service just 72 hours to recover the sum of $374,000 that I lost in cryptocurrency. I’m truly grateful for their help and professional service. Spyweb Cyber Security can be trusted as they are very reliable and trustworthy.
Their contact information is as follows
E-Mail: (SPYWEB@CYBERDUDE. COM)
What’s App: (+13239048824)
Be a smart consumer when using smart directions