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China India

BYD Plans $1 bln India EV Investment

Reuters sources say the world’s biggest maker of EVs and hybrids has submitted a $1 billion investment proposal to regulators.

They say it wants to build electric cars and batteries there.

That would be in conjunction with local firm Megha Engineering and Infrastructures.

The longer term plan is to build a full range of BYD-branded vehicles in the country.

It’s all part of the Chinese giant’s drive to challenge Tesla, which still leads on EVs alone.

And the U.S. brand also has its eyes on India.

It recently restarted talks with the government after putting plans to enter the market on hold last year.

Tesla had been disappointed by a failure to secure lower tariffs on imported vehicles.

Now one source says BYD aims to produce 100,000 cars per year in India within a few years.

Though it may start by shipping in parts for assembly.

The investment proposal also includes a plan to set up charging stations.

BYD already builds electric buses in India with Megha Engineering.

The country’s EV market is currently dominated by local giant Tata Motors, and BYD’s Chinese rival MG Motor.