BYD has submitted a $1 billion investment proposal to build electric vehicles and batteries in India in partnership with a local company. Reuters reported the news, citing three people with direct knowledge of the plan.
BYD and Hyderabad-based Megha Engineering & Infrastructure have submitted a proposal to Indian regulators to form an EV joint venture. They requested that the names of the persons not be disclosed as the application is personal.
BYD’s long-term plan is to roll out a full line-up of BYD-branded electric cars in India, from hatchbacks to luxury models, one of the three people said.
BYD, the world’s largest maker of EVs and plug-in hybrid vehicles, was not immediately available for comment. However, the company had earlier said that it plans to start production in India. Because now India is the third largest car market in the world.
