NEW DELHI: Chinese electric carmaker BYD has reportedly proposed a $1 billion investment in India to establish manufacturing facilities for electric vehicles and batteries. BYD, which competes with Tesla in the global electric car market, already has a presence in India, where it sells the Atto 3 electric SUV and the e6 electric sedan.
As per news agency reports, BYD and Hyderabad-based Megha Engineering and Infrastructures have submitted a proposal to Indian regulators to form an EV joint venture. Currently, BYD has a facility in Tamil Nadu. Megha Engineering and Infrastructures is involved in the construction of roads, bridges, and power plants.
