BYD and Hyderabad-based Megha Engineering and Infrastructures have submitted a US $1bn investment proposal to Indian regulators to establish an EV passenger vehicle joint venture, Reuters reported.
BYD’s attempted expansion in India is part of its global plan to challenge Tesla.
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It plans to operate in all major car markets except the US.
In 2013 it started building electric buses with Megha, through a joint venture company called Olectra Greentech.
BYD has already invested US$200m in India and has entered the electric passenger car segment, selling the Atto 3 SUV and the e6 to corporate fleets. The Seal car follows later this year.
Planned production capacity was not disclosed but Reuters reported BYD would gradually increase production to 100,000 EVs annually in India over the next few years.
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By GlobalDataInitially, vehicles would be shipped as assembly kits and a local supply chain set up.
The investment proposal also included charging stations, R&D centres, and training facilities.
Recently, discussions have resumed between Tesla and the Indian government after delaying its entry into the market last year due to unsuccessful negotiations for reduced import duty on complete vehicles.
