BYD seeks nod for $1 billion plan to build EVs, batteries in India: Report

BYD seeks nod for $1 billion plan to build EVs, batteries in India: Report

China's BYD Co has submitted a $1 billion investment proposal to build electric vehicles and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters.

BYD and privately held Hyderabad-based Megha Engineering and Infrastructures have submitted a proposal to Indian regulators to form an EV joint venture, the people said, asking not to be named because the application is private.

The longer-term plan is to build a full line-up of BYD-brand EVs in India from hatchbacks to luxury models, one of the three people said.

BYD, the world's largest producer of EVs and plug-in hybrid vehicles, did not immediately respond to a request for comment. The company previously said it planned to set up manufacturing in India, now the world's third-largest car market.

India's commerce and heavy industries ministries did not immediately reply to a request for comment.

BYD's push into India is part of its rapid global expansion to challenge Tesla, which still leads in sales of EVs alone. If the India investment is approved, it would give BYD a presence in all major global car markets with the exception of the United States.