BYD Submits $1 Billion Proposal to Build EVs and Batteries in India

As reported by three people with direct knowledge of the plan, China's BYD Co has submitted a $1 billion investment proposal to build electric cars and batteries in India in collaboration with a local company. According to the people who asked not to be identified because the application is private, BYD and privately held Hyderabad-based Megha Engineering and Infrastructures have submitted a proposal to Indian regulators to form an EV joint venture.

One of the three people said that the long-term plan is to build a full line-up of BYD-brand EVs in India, ranging from hatchbacks to luxury models.

BYD, the world's largest manufacturer of EVs and plug-in hybrid vehicles, did not respond to a request for comment right away. The company previously stated that it intended to establish manufacturing in India, which is now the world's third-largest car market.

The ministries of commerce and heavy industries in India did not respond immediately to a request for comment.

BYD's entry into India is part of the company's rapid global expansion to compete with Tesla, which still leads in EV sales alone. If the India investment is approved, BYD will have a presence in all major global auto markets except the United States.

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.

BYD has already invested $200 million in India where it sells the Atto 3 electric SUV and the e6 EV to corporate fleets, and plans to launch its Seal luxury electric sedan this year.