BYD plans to invest US$ 1 billion to build EVs in India

BYD is looking to partner with a Hyderabad-based company to manufacture EVs in India.

China-based BYD is looking to invest US$ 1 billion to build electric vehicles and batteries in India. 

According to a media report, BYD has submitted a proposal to manufacture EVs in India in partnership with Hyderabad-based Megha Engineering and Infrastructures. The two companies are said to form a joint venture and plan to build electric vehicles ranging from hatchbacks to luxury models in the long run.

BYD is the world's largest manufacturer of EVs and plug-in hybrid vehicles. Currently, the company offers two models in India. These include the Atto 3 electric SUV, launched in November 2022 at a price of Rs 33.99 lakh. The second model is the e6 MPV, which is priced at Rs 29.15 lakh (ex-showroom).

BYD also produces electric commercial vehicles. The Q1 electric truck was spotted at the Mumbai port earlier this year. It has a gross combination weight rating of 40 tonnes and is said to have a range of 200 km. 

Source: ET Auto