China’s biggest electric carmaker, Warren Buffett-backed BYD Auto Co. Ltd, is looking to make a massive investment in India to produce electric vehicles, reported LiveMint, citing sources.
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The company, according to the Mint sources, is expected to unveil its investment plans by the end of this year or by early next year.
The report said that the company is in advanced talks with its Indian partner Olectra Greentech Ltd to either set up a joint venture or make significant investments in a standalone entity.
With India all set to become the third-largest auto market by 2025, Chinese manufacturers are making their presence significant. On Thursday, MG Hector, the highly-anticipated SUV from Chinese carmaker SAIC Motor Corp, was launched in India at an introductory price tag of Rs 12.18 lakh.