BYD plans $ 1 bn investment for EVs and batteries in India

17 Jul 2023 CW Team

Although the Indian government has not officially confirmed this development, senior officials stated that they are prepared to welcome any potential investors in the country. A senior government official informed, "So far, we have not received their representation but if they are planning to come we are ready to welcome them."

Reuters reached out to BYD for comment, but they did not immediately respond. However, the company had previously announced its intentions to establish manufacturing operations in India, which is now the world's third-largest car market.

BYD has sold over 7 million vehicles globally thus far. However, since commencing its operations in 2021, BYD has only sold 1,893 cars in India. In contrast, Tata Motors, India's largest electric vehicle manufacturer, has sold more than 50,000 cars in the country, as reported by the Ministry of Road Transport and Highways' VAHAN portal data.

Reuters requested comments from the Ministry of Commerce and Industry and the Ministry of Heavy Industries, but they did not immediately respond. BYD's expansion into India is part of its rapid global growth strategy aimed at challenging Tesla, which currently dominates the electric car sales market. If the investment proposal for India is approved, BYD will have a presence in all major global car markets, except the United States.

Tesla recently resumed discussions with the Indian government after temporarily suspending its plans to enter the market last year. The talks were halted when Tesla failed to secure lower tax duties on imported vehicles. BYD has already invested $200 million in India, where it currently sells the Atto 3 electric SUV and the e6 EV to corporate fleets. They also plan to launch their luxury electric sedan, the Seal, later this year.

Also read:
Icra Reports: India's tyre demand to grow 6-8% in FY24
Maha govt establishes Green Panel to raise Rs 50 bn through Green

Chinese automotive company Build Your Dreams (BYD) had submitted a $ 1-billion investment proposal to construct electric cars and batteries in India. They formed a partnership with a local manufacturing company, Megha Engineering and Infrastructures, and together, they submitted a proposal to regulators to establish an electric vehicle (EV) joint venture. One of the three individuals familiar with the matter mentioned that their long-term plan is to manufacture a complete range of BYD-branded electric cars in India, starting from hatchbacks to luxury models. Although the Indian government has not officially confirmed this development, senior officials stated that they are prepared to welcome any potential investors in the country. A senior government official informed, So far, we have not received their representation but if they are planning to come we are ready to welcome them. Reuters reached out to BYD for comment, but they did not immediately respond. However, the company had previously announced its intentions to establish manufacturing operations in India, which is now the world's third-largest car market. BYD has sold over 7 million vehicles globally thus far. However, since commencing its operations in 2021, BYD has only sold 1,893 cars in India. In contrast, Tata Motors, India's largest electric vehicle manufacturer, has sold more than 50,000 cars in the country, as reported by the Ministry of Road Transport and Highways' VAHAN portal data. Reuters requested comments from the Ministry of Commerce and Industry and the Ministry of Heavy Industries, but they did not immediately respond. BYD's expansion into India is part of its rapid global growth strategy aimed at challenging Tesla, which currently dominates the electric car sales market. If the investment proposal for India is approved, BYD will have a presence in all major global car markets, except the United States. Tesla recently resumed discussions with the Indian government after temporarily suspending its plans to enter the market last year. The talks were halted when Tesla failed to secure lower tax duties on imported vehicles. BYD has already invested $200 million in India, where it currently sells the Atto 3 electric SUV and the e6 EV to corporate fleets. They also plan to launch their luxury electric sedan, the Seal, later this year. Also read: Icra Reports: India's tyre demand to grow 6-8% in FY24 Maha govt establishes Green Panel to raise Rs 50 bn through Green

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..