BYD Auto Co. Ltd (SHE: 002594), China’s biggest electric carmaker, is set to make a significant investment in India to develop and produce electric vehicles, said two people familiar with the matter.
BYD is expected to unveil its investment plans by the end of 2019 or in early 2020, said the two people cited above who declined to be named.
The company is in advanced talks with its Indian partner, Olectra Greentech Ltd, to either form an equity joint venture or invest in a stand-alone entity in the country, the two people said. BYD currently has a technical alliance with Secunderabad-based Olectra for assembling BYD’s electric buses in Andhra Pradesh. It has also recently begun assembling lithium-ion cells at a factory in Chennai.
(picture source: Businessinsider)