China's largest utility vehicle maker, Great Wall Motors, is set to invest over $1 billion in India, which is expected to become the third-largest market in the world in the next three-five years. This comes close on the heels of the largest Chinese carmaker SAIC committing Rs 5,000 crore to India. Great Wall Motors has approved an India unit under Haval India to be headquartered at Gurgaon in the national capital region and the team is being put in place to define the blueprint. Great Wall approved a $1.6-million investment in February to set up the local office, which may be named India Haval Auto, India Haval or India Haval Auto Sales. The final name is subject to approval by local authorities. The commitment from Chinese manufacturers comes at a time when their home country, the world's largest car market, has shrunk for the first time in decades. Despite a slowing Indian market, they see Asia's third-largest economy driving their global ambitions. While the immediate priority is to look at conventional internal combustion engine vehicles, Great Wall is also exploring electric vehicles for the Indian market, with the company having in-house expertise in making batteries and EVs.