Chinese electric vehicle maker BYD has reportedly proposed a $1 billion investment in India to set up a manufacturing facility for electric vehicles and batteries.
BYD and privately-held Hyderabad-based Megha Engineering and Infrastructure have jointly submitted a proposal to Indian regulators to form and EV joint venture, Reuters reported citing people with the direct knowledge of the matter.
The long-term objective of BYD's investment is reportedly to manufacture a complete range of electric vehicles under the BYD brand in India. This would include hatchbacks as well as luxury models, catering to a wide range of consumers.
BYD, which is the world's leading producer of electric vehicles and plug-in hybrid vehicles, had previously announced its intention to establish manufacturing operations in India, which is currently the world's third-largest car market.
BYD's entry into the Indian market is a strategic move in its ambitious global expansion plans to compete with Tesla, the current leader in electric vehicle sales.
If the investment in India is given the green light, it will BYD's presence in all major car markets worldwide, except for the United States.
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