Sources say BYD plans to produce electric cars and batteries in India, with an investment of US $1 billion

Thanks to CTOnews.com netizen West Window old clues delivery! CTOnews.com July 14 news, according to Reuters, three sources said BYD has submitted a $1 billion investment proposal (CTOnews.com note: currently about 7.16 billion yuan), hoping to cooperate with a local company to produce electric vehicles and batteries in India.

BYD and Megha Engineering and Infrastructures, a private company headquartered in Hyderabad, India, have submitted proposals to Indian regulators to form an electric vehicle joint venture, BYD officials said.

BYD's long-term plan is to produce the full range of BYD electric vehicles in India, from hatchbacks to luxury cars, sources said.

Neither BYD nor India's Ministry of Commerce and Heavy Industry have responded to requests for comment. But last year BYD said it would build a manufacturing plant in India in due course.

If India's investment plan is approved, BYD will officially enter all major global auto markets except the United States. CTOnews.com previously reported that BYD launched its first passenger car Atto 3 (Yuan PLUS Overseas Edition) in India last October.