BYD Auto, one of the largest manufacturer of electric cars in the world, and a subsidiary of Chinese conglomerate BYD Co. Ltd, is likely to set up an electric car manufacturing facility in the south of the country, according to a highly placed political source.
The publicly listed company is headquartered in Shenzhen, Guangdong, China. BYD Co. Ltd. will very likely finalise this deal when President Ranil Wickremesinghe visits China next month, the source told the Business Times on Thursday.
BYD Co. Ltd (Build Your Dreams) founded by Wang Chuanfu in February 1995 is the largest electric car manufacturing company in the world and the world’s second-biggest behind Tesla. BYD is the first automaker in the world to have full expertise and intellectual property in the three core technologies of electrical vehicles—batteries, electric motors and electronic controls.
The source also added that the plant will most possibly be set up in Hambantota as it will be easy for them to ship the cars out for export.
In the recent months many Indian and Chinese films are looking at Sri Lanka for potential investments, sources added.
Already India’s Reliance Industries is tying up with a biscuit manufacturer to export biscuits. Industry sources said that it will be contract manufacturing by the Sri Lankan biscuit manufacturing facility for India’s Reliance Industries.
Some Indian funds are also looking at renewable energy projects largetly in the solar energy sector. Renewable industry officials said that two teams from India are expected to arrive to discuss on this sector. Officials also said that the education sector is another interest area for both Indian and Chinese investors.