China’s manufacturing company BYD is set to invest $1bn (7.4bn yuan) in electric vehicle (EV) and battery production in India, according to Reuters.
BYD and privately limited enterprise Megha Engineering & Infrastructures have sent an investment proposal of $1bn to regulators in India to form a joint EV project, according to the publication.
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BYD, a conglomerate that specialises in technology for transport, renewable energy and electronics, plans to increase the production of EVs to 100,000 in India over the following few years.
The company has recently made a series of strategic deals with companies to expand its sales and manufacturing worldwide.
In 2023, BYD signed dealerships with the UK and within the EU to expand its sales capacity.
Sales of BYD new energy vehicles close to doubled in June 2023 from the year before to 253,046, according to Forbes. The first half of 2023 saw the company’s shipments close to double reaching 1.2 million, the publication reported.
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By GlobalDataThe move marks an increasing global competitiveness in the EV sector, with India being a key target for manufacturing.
Elon Musk has already announced Tesla will be looking to open factories “as soon as humanly possible,” in the country, elaborating that India is “great for solar.”
Tesla continues to lead the EV market making up 60% of sales in the market in the first half of 2023, CNBC reported.
However, BYD could acquire quite a presence in global markets, barring the US, if the deal goes through.
