Tesla Riva BYD Planning to Make Electric Cars in India

The market for Electric Vehicles (EV) has grown rapidly in the last few years. Recently, Tesla, a major company in this segment, revealed plans to set up an EV factory in India. Tesla’s rival BYD has also submitted an investment proposal of about one billion dollars for manufacturing electric cars and batteries in the country.

Some sources with knowledge of BYD’s plans told Reuters that BYD and Hyderabad-based firm Megha Engineering and Infrastructures have proposed to the country’s regulators to form a joint venture. The plans of these two companies in India BYD From K-branded electric cars to luxury models. BYD, the world’s largest producer of EVs and plug-in hybrid vehicles, did not respond to a request for comment. However, earlier the company had told that it has plans to set up a factory in the country.

Earlier, American electric car maker Tesla has started talks with the central government on an investment proposal to set up a factory in India. The annual capacity of the company’s factory will be around five lakh units. The prices of the company’s India-made electric cars can start from Rs 20 lakh.

In a recent media report, quoting government sources, it has been told that this company, led by Billionaire Elon Musk, also plans to make India a base for exports. About this Tesla did not respond to a request for comment from Reuters. Musk had a meeting with Prime Minister Narendra Modi in America last month. In this meeting, Modi encouraged Musk to invest in India. After this Musk had said that he is considering investing in India as soon as possible. He said, “India has more potential than any big country in the world. I am sure Tesla will come to India as soon as possible.” Musk also hinted at visiting India next year. Tesla is set to launch fully autonomous vehicles by the end of this year.