China's BYD has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters
plans to enter the market last year when it failed to secure lower tax duties on imported vehicles in talks with officials.
BYD has already invested $200 million in India where it sells the Atto 3 electric SUV and the e6 EV to corporate fleets, andMembers of the press and the general public check out the Atto 3 electric SUV made by Chinese carmaker BYD, at the Fully Charged Live electric vehicle trade show in Farnborough, Britain, April 28, 2023.
The investment proposal also includes a plan by BYD and Megha Engineering to set up charging stations in India and build research and development and training centres, the sources said. The joint proposal comes amid stricter investment rules. Since 2020, India has tightened scrutiny of investments from neighbouring countries, including China.
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