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Chinese auto manufacturer BYD to establish $1 bn manufacturing plant in India
Industry News- Jul 05,24
Due to its Chinese connections, BYD is partnering with Hyderabad-based Megha Engineering and Infrastructures.
Chinese investments in India, particularly in the automotive sector, have faced increased scrutiny since the Galwan Valley skirmish. The Indian government has urged manufacturers to reduce their reliance on Chinese sources. As a result, companies like MG are attempting to sell majority stakes to Indian entities. Now, another Chinese manufacturer, BYD, is planning to set up a factory in India.
According to reports, BYD intends to invest $1 billion to manufacture electric vehicles (EVs) and batteries in India. Due to its Chinese connections, BYD is partnering with Hyderabad-based Megha Engineering and Infrastructures. The long-term objective is to produce a comprehensive range of BYD EVs in India, from hatchbacks to luxury models.
BYD's entry into the Indian market is part of its broader global expansion strategy. Currently, BYD is the world’s largest producer of EVs and plug-in hybrids, but it faces stiff competition from Tesla for the top spot. If BYD's investment in India is approved, it will establish manufacturing capabilities in all major markets except the USA. Tesla is also in discussions with the Indian government about setting up a factory in the country.
BYD currently sells the e6 and Atto-3 models in India, which are imported as completely knocked-down (CKD) units since BYD does not yet have a manufacturing plant in the country. BYD also supplies battery packs to several manufacturers and partners with Olectra.
(Source: Motor Octane)
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