Government reportedly rejects BYD's $1bn investment proposal
Chinese auto major BYD (Build Your Dreams) recently submitted a substantial $1 billion investment proposal to the Indian government with an aim of establishing an electric vehicle (EV) plant in India. However, the Indian government has said to have rejected BYD's billion dollar investment proposal. The Chinese carmaker with its Hyderabad-based partner, Megha Engineering and Infrastructure Ltd (MEIL), was planning to build the EV facility in Telangana, Andhra Pradesh. With the new plant, BYD intended to locally assemble or manufacture 10,000-15,000 units of electric vehicles in the country.
Govt rejects BYD's investment plan
According to sources, the proposal from MEIL and BYD's joint venture to build an EV plant with a joint investment outlay of $1 billion was submitted to the Ministry of Commerce and Industry and was also circulated to the Home Ministry, Ministry of External Affairs, and Ministry of Heavy Industries for scrutiny and approval. However, it was reviewed and decided not to accept the proposal. It is claimed that some security concerns were flagged regarding the Chinese investment in India during the deliberations, resulting rejection of the proposal.
The government had already blocked a plant of a Chinese automaker in the country, where Great Wall Motors had proposed an investment of $1 billion to build a manufacturing facility in Maharashtra. Sources say that MG Motor India, a subsidiary of MG Motor, which is owned by Chinese auto giant SAIC Motor Corp, has been awaiting an approval from the Indian government as it is trying to raise funds from the parent company.
BYD India line-up
BYD India sells the all-electric Atto 3 and e6 in India and plans to launch the Seal EV soon. It showcased the Seal EV at the 2023 Auto Expo in Delhi earlier this year. Further, the Atto 3 EV, priced at 34 lakh (ex-showroom), had received 2,000 bookings within a couple of months since its market launch. The carmaker had also introduced the limited-run Atto 3 Forest Green Edition.
Source - Bloomberg
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