Chinese company BYD Co is willing to invest $1 billion in India to manufacture electric cars and batteries in India with a partnership program. The company has collaborated with a local company of India to expand its business.
Why does BYD want to enter India? Because BYD is the biggest electric vehicle manufacturing company in the world as per the report of 2023. But in terms of selling, Tesla is the biggest brand in terms of selling. It is clear that BYD needs a big market to sell its electric car. So, right now India is one of them.
BYD is already operating in India from 2017. Mainly BYD manufactures electric buses in India. They invested $200 million dollars in India. Now The Chinese company wants to expand its market share across the country. Because they are watching, India is a big market in terms of electric vehicles. By 2030, India is committed to increase EVs share to 30 percent.
For this investment, BYD has collaborated with Hyderabad based Megha Engineering and Infrastructure (MEIL) has reportedly submitted a proposal to Indian regulators for the formation of an electric vehicles join venture.
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BYD wants to expand its affordable electric car as well as hatchbacks to luxury models. The company will not only invest in EVs but also invest in batteries and charging infrastructure.
But, we all know for this investment BYD has to fulfil some strict rules in India. On the other side, India’s commerce and heavy industries minister have not respose yet.
Read more:Tesla aims to set up gigafactory in India for affordable electric car at Rs 20 lakh
