While Tesla is still taking cautious steps in India, BYD has emerged as one of the leading premium EV manufacturers in the Asian subcontinent. Shenzhen-based BYD is now keen on cementing its presence in the Indian market with a Rs 85,000 Cr investment on a new manufacturing facility near Hyderabad. Let’s take a closer look.
BYD’s Big Bet In Indian Market
From being ridiculed by Tesla CEO Elon Musk to eclipsing Tesla in annual sales last year, BYD (Build Your Dreams) has come a long way. The company is now a shining beacon in electric car world as it is having an ‘all eyes on me’ movement. In India, however, the company already has an impressive portfolio including Atto 3, e-MAX 7, Seal and the recently launched Sealion 7.
Now, BYD is taking bigger steps in the lucrative Indian market with a reported Rs 85,000 Cr investment on a new manufacturing facility near Hyderabad, Telangana State. Currently, BYD has been presented with three potential sites by Telangana State Government as it aims to be the first State Government in India to host a BYD manufacturing facility.
If finalised, Telangana State aims to secure one of the largest investments in the private EV sector. The estimated budget for BYD’s new facility in India is around Rs 85,000 Cr and it could span across a 500 acre land with an annual production of around 6,00,000 lakh units. The plant is said to go operational by 2032.
Rs 85K Cr Plant With 600K Annual Production
Alongside the vehicle manufacturing facility, BYD is also keen on establishing a battery manufacturing facility of up to 20 GWh capacity. This new facility near Hyderabad is likely to spawn multiple parts and components factories, driving employment and revenue for Telangana State.
This is not the first time BYD is keen on establishing a manufacturing presence in India, but was delayed due to stricter regulations on Chinese investments in India. Recently, the policies have been revised and restrictions have been eased considerably and BYD is now moving to establish a manufacturing presence in India to offer their products at better prices.
BYD is taking these steps at a time when Tesla sales are falling rapidly in global markets like Europe. At the same time, BYD is continually innovating and improving its technology to offer a better product than it did before. Wading in water, jumping over potholes and encasing a launchpad for a drone are some of the most notable innovations BYD has come up with.
Source
Source: Electric - rushlane.com
