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HYDERABAD, 16 July 2023: BYD, a China-based company, has made a USD 1bn investment proposal to develop electric vehicles and batteries in India in collaboration with a local company.
The proposed joint venture between BYD and Hyderabad-based Megha Engineering and Infrastructures Limited (MEIL) would see the companies build a full line-up of BYD-brand electric cars in India, from hatchbacks to luxury models.
The investment would also include plans to set up charging stations in India and build research and development and training centers.
BYD, the world’s largest producer of electric vehicles and plug-in hybrid vehicles, is looking to expand its global footprint and challenge Tesla as the leading EV maker.
India is a key market for BYD, as the country is the third-largest car market in the world. The Indian government has also set ambitious targets for electric vehicle adoption, with plans to make up 30% of all car sales by 2030.
BYD’s proposal is likely to face scrutiny from Indian regulators, as the country has tightened its investment rules in recent years. However, if the proposal is approved, it would give BYD a major foothold in the Indian market.
BYD is a Chinese multinational automotive and technology company that specializes in electric vehicles, electronics, and new energy. Founded in 1995, BYD is the world’s largest manufacturer of electric vehicles and plug-in hybrid vehicles. The company has over 220,000 employees and operates in over 50 countries. BYD’s electric vehicles are known for their long range and affordability. The company also produces a wide range of other products, including solar panels, batteries, and mobile phones. BYD is a rapidly growing company that is poised to become a major player in the global automotive and technology markets.
Key Takeaways
- BYD has proposed a USD 1bn investment in India to produce electric vehicles and batteries.
- The proposed joint venture would see BYD partner with Hyderabad-based Megha Engineering and Infrastructures.
- The investment would also include plans to set up charging stations in India and build research and development and training centers.
- BYD is looking to expand its global footprint and challenge Tesla as the leading EV maker.
- India is a key market for BYD, as the country is the third-largest car market in the world.
- The Indian government has set ambitious targets for electric vehicle adoption, with plans to make up 30% of all car sales by 2030.
