Days after Elon Musk-led Tesla reportedly started talks of setting up an electric vehicle (EV) facility in India, its Chinese rival and one of the largest producers of electric and plug-in hybrid vehicles, BYD, has proposed a $1 billion investment in the country to set up EV and battery manufacturing facilities, Reuters reported.
The Shenzhen-headquartered company, along with Hyderabad-based Megha Engineering and Infrastructures, has filed a proposal to Indian regulators to form a EV joint venture.
As per the report, the EV maker plans to manufacture its entire portfolio of electric vehicles in India which includes cars from all segments, ranging from hatchbacks to SUVs.
At present, the company’s portfolio in India includes the Atto 3 electric SUV and the e6. Both cars come to India as CKD units and are assembled at the manufacturer’s facility in Chennai. While the Atto 3 is made available to the public, the sales of the e6 is restricted to the B2B market only.
While BYD is the largest manufacturer of electric vehicles globally, its American rival Tesla has been topping the sales charts persistently. Tesla’s Model Y is the most popular plug-in electric vehicle, having sold 786,000 units in 2022. On the other hand, models such as Song, Yuan Plus, and Qin are some of the most-selling cars for the Chinese manufacturer.
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