Are Tesla, BYD going to set up units in Hyderabad? Know what Revanth Reddy says

Hyderabad: Hyderabad, which is attracting many multinational companies, is likely to get units from Tesla and BYD soon.

According to Money Control, Telangana Chief Minister Revanth Reddy informed a select audience at the Indian High Commission in London that the state is in active communication with these companies.

However, in July 2023, New Delhi denied permission for BYD to establish a manufacturing unit in Hyderabad.

Tesla’s interest in India

For over two years, Tesla has been exploring entry into the Indian market.

Former Industry and Commerce Minister of Telangana, KT Rama Rao, had previously reached out to Tesla’s CEO, Elon Musk, on social media, inviting him to the state.

Revanth Reddy’s hint on Tesla, BYD units in Hyderabad

Although Revanth Reddy hinted on Thursday evening that two of the world’s biggest electric vehicle manufacturers, Tesla and BYD could come to Hyderabad, he did not provide further details.

Recently, Telangana received investment proposals during the World Economic Forum (WEF) annual conference in Davos. The state government delegation, led by Chief Minister A. Revanth Reddy, signed MoUs with six companies on the sidelines of the WEF conference.

The largest investment proposal of Rs.12,500 crores came from the Adani Group. The Chief Minister had a meeting with Adani Group Chairman, Gautam Adani, during which four MoUs were exchanged.