• Fri. Dec 8th, 2023

BYD: India not interested in China’s BYD’s $1 billion electric vehicle project: Report

BYD: India not interested in China’s BYD’s  billion electric vehicle project: Report
The Times of India reports that India does not want to allow Chinese electric vehicle maker BYD to set up shop in the country due to security concerns. BYD has reportedly submitted a $1 billion investment proposal to partner with a local company to manufacture electric cars and batteries in India.

According to a Times of India report, “there is uneasiness in the Home and External Affairs Ministries over the entry of Chinese players, in the wake of the government’s stance to keep cross-border players out of the Indian market given the surrounding security concerns. Many of them”.

“There are growing concerns in the government that many joint ventures “arranged” by Chinese companies – some of which receive state support – are “heavily weighted and controlled by the foreign partner”, while the Indian company is largely a dummy entity, with little control over technology, decision-making and other critical know-how,” The Times. of India claimed.

“In the BYD case, the government had similar concerns, which have come to the fore now that the Chinese electric company wants to attack India.”

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BYD and Hyderabad-based Megha Engineering and Infrastructures have submitted a proposal to Indian regulators to form an EV joint venture, Reuters reported earlier.

BYD, according to the report, plans to build a complete lineup of BYD-brand EVs in India, from hatchbacks to luxury models.

BYD, the world’s largest maker of EVs and plug-in hybrid vehicles, is on a rapid global expansion to challenge Tesla, which still leads only in sales of EVs. If India’s investment is approved, it will give BYD a presence in all major global car markets except the United States.

Earlier, the Indian government tightened FDI rules for Chinese companies, scuppering plans by China’s Great Wall Motors. MG Motors, which currently sells cars in India, is having trouble getting fresh investment in India for expansion and is now working on a proposal to bring Indian partners on board with a majority stake.

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