BYD, the world’s largest producer of electric vehicles and plug in hybrids, has given a US$ 1 billion investment proposal to make electric cars and batteries in India, Reuters has reported exclusively.
The newswire has learned that China’s BYD and India-based Megha Engineering and Infrastructures, have submitted a proposal to Indian regulators to form an electric vehicle joint venture.
The longer term plan is to build an entire line-up of BYD-brand electric cars in India, spanning hatchbacks to luxury models, the newswire stated.
BYD did not offer a timely response to the newswire. The company previously stated that 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 offer a timely reply, upon request for a comment on the matter.