Chinese company that wants to storm your city with electric buses: More on Warren Buffet backed BYD's Indian plans - The Financial Express

Chinese company that wants to storm your city with electric buses: More on Warren Buffet backed BYD’s Indian plans

Goldstone's JV with Chinese CV manufacturer BYD may not have been heard off till date, but it is backed by Warren Buffet and Touted as China's Tesla here's what you need to know about one of China's largest EV manufacturers!

By: | Updated: March 27, 2018 2:08 PM

Up until recently, bus maker BYD was a unknown entity from the Commercial Vehicle sector, they shot to fame in the recent days for storming a number of public vehicle tenders in the country for private buses in the sub-continent. Backed by names like Warren Buffet, globally and Goldstone infratech has recently set up a facility in Greenfield in Bangalore that cost a whopping Rs 2 billion. The new facility which is currently underway will come up this years and will be spread over 100 acres at Bidar in Karnataka, will have an initial capacity of around 1,000 units a year. Localisation of the product, around 35 per cent at present, will be increased to 50 per cent by 2020. Goldstone’s Managing Director said "We will also start manufacturing batteries in India," said a Company official. His company is also talking to various state transport undertakings (STUs) and other players to set up charging stations. The idea behind this was to secure tenders for public buses that were being offered in all major Indian cities.

As of last week the company seized several small contracts for 290 buses that will ply on the streets of Bengaluru, Mumbai and Hyderabad , shooting past local manufacturers like Mahindra, Ashok-Leyland and more. In the recent spate of tenders, 9 out of 10 were seized between BYD and Tata motors both of who played averages to go as much 30% lower than average of bids. However, there is still one major Tender remaining, and that is the one most automotive manufacturers will be looking to have is a contract for 1000 buses for the Delhi NCR region.
"We will also start manufacturing batteries in India," said Rawal. The company is also talking to various state transport undertakings (STUs) and other players to set up charging stations and infrastructure. With sights of 10 cities -- Mumbai, Ahmedabad, Jammu, Delhi, Lucknow, Kolkata, Guwahati, Hyderabad, Indore and Bengaluru. Thus far only Delhi’s massive contract remains

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.