Hyderabad, Mar 26 (Maxim News): A prestigious project is coming to Telangana state. It is highly reliable to know that Chinese electric car giant BYD is preparing to set up an electric car unit near Hyderabad.
The company has been in talks with the state government for some time and recently informed the final decision, according to relevant sources. It seems that the state government has assured the company that it will provide all kinds of support, including allocating the necessary land for this project.
The state government has proposed three suitable locations for BYD to set up a unit in the vicinity of Hyderabad. Representatives of the company are examining all three. Once the final decision on the location is made, there is a possibility of signing an agreement with the state government regarding the project.
If this materializes, Telangana will have the honor of securing the largest private sector project and huge investment in the electric car segment. Along with this, there are chances of setting up associated units for producing electric car parts nearby. Thus, an electric vehicle cluster will take shape near Hyderabad.
BYD has been operating in India for several years, but does not have its own units here. Currently, BYD is importing and selling electric cars from China. Due to high import duties, the price of these cars are currently high.
As a result, it is not selling as expected. If electric cars are produced in our country, the price will come down. This will create an opportunity to significantly increase sales. BYD has been working hard to set up its own unit in our country for the past two years.
However, it has not been possible so far due to the strict regulations of the central government regarding allowing Chinese investments. With the recent relaxation of the central government, it seems that the path for the BYD project has been paved.
BYD has had a technical partnership with Olektra Greentech produces electric buses using BYD technology and supplies them across the country. Industry sources believe that this is one of the reasons why BYD chose Telangana to set up its electric car unit.
BYD also plans to set up a 20 gigawatt battery plant in India along with a car assembly plant. The company plans to expand its operations to a capacity of 6 lakh electric cars per year in five to seven years. It seems that BYD is ready to make huge investments in phases for this.
BYD is surpassing American electric car giant Texla in terms of operations. Last year, Tesla’s revenue was $97.7 billion (Approximately Rs. 8.40 lakh crore), while BYD’s revenue was $107 billion/approximately Rs. 9.20 lakh crore. While Tesla’s sales are declining in China and Europe, BYD sales are increasing.
The company recently launched a 1 megawatt flash charger that can fully charge an electric car battery in just 5 to 8 minutes. With this, you can travel 400 kilometers on a single charge. It is expected that this technology will radically change the way electric vehicles are used. (Maxim News)
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