BYD Auto, a Chinese-vehicle manufacturer is eyeing to expand its electric vehicles investment in India, cited Inc42.
The company may share its investment plans by the end of 2019, says an anonymous source. It is, also, in advanced talks with Olectra to either form an equity joint venture or invest in a stand-alone entity in India.
Recently, the company was scouting for land to set up a second plant in North India to manufacture more electric buses.
While, the company had begun its journey in India with a joint venture with Olectra, as part of which it launched a manufacturing plant at an initial cost of ₹150 crore.
BYD Auto Co Ltd. is the automotive subsidiary of the Chinese multinational BYD Co Ltd, which is based in Xi’an, China. It was founded in January 2003, following BYD Company’s acquisition of Tsinchuan Automobile Company in 2002.
The BYD-Olectra partnership already has a manufacturing base in Hyderabad with an annual capacity of 600 buses.
At present, the company has deployed a total of108 buses of its eBuzz K7 (9 meter) and eBuzz k9 (12 meter) electric buses in Himachal Pradesh, Mumbai, Kerala, Telangana and Uttarakhand.
They have also invested ₹450 crore to supply 125 buses of 12-meter class in Pune to be deployed from August. Also, it is targeting cities like Lucknow, Ahmedabad, and Delhi where the state transport units (STUs) have opened tender of 630, 300 and 385 electric buses respectively.