The Indian electric vehicle market is a growing affair, and even the largest EV manufacturers in the world want a piece of this pie.
While Elon Musk led Tesla is still preparing to make its entry into the Indian market, the Chinese EV manufacturer BYD has established itself in the country.
Now, BYD seems to be planning on making its roots even stronger in the country with the establishment of a manufacturing facility in Telangana, Hyderabad, as per reports.
Based on a report by The Philox, BYD is considering an investment of Rs 85,000 crore ($10 billion) in Hyderabad. This manufacturing facility, once established, will be used by the brand to produce electric vehicles.
The report also suggests that the brand has been scouting for land in Telangana, and chances are that Hyderbad can be the final spot.
The facility in India will span over 500 acres of land and will have a capacity to manufacture 6,00,000 vehicles by 2032, the report suggests. Meanwhile, the battery production unit will have a capacity of 20 GWh.
Setting up a factory with this capacity can help the brand bring down the prices of its vehicles and plant a firm foot in the market.
With the upcoming facility, Hyderabad is set to become a significant hub for electric vehicle manufacturing. To promote the adoption of EVs in the state, the government has introduced a new electric vehicle policy along with substantial incentives.
It grants full exemption from road tax and registration fees for all types of EVs. This initiative will remain in effect until December 31, 2026.
