India rejects China BYD’s US$1 billion EV factory proposal, cites security concerns

[etylo]

India rejects China BYD’s US$1 billion EV factory proposal, cites security concerns​

• ‘Security concerns with respect to Chinese investments in India were flagged during the deliberations,’ Indian media reported an official as saying
• Earlier this month BYD submitted the US$1 billion investment proposal to build electric cars and batteries in India in partnership with a local company

Published: 8:31pm, 22 Jul, 2023

Updated: 8:36pm, 22 Jul, 2023

BYD seeks to capture 40 per cent of India’s EV market by 2030, as India increases scrutiny of Chinese firms. Photo: Reuters

India has rejected Chinese automaker BYD’s proposal to set up a US$1 billion factory in India in partnership with Hyderabad-based Megha Engineering and Infrastructure, India’s Economic Times reported on Saturday.

“Security concerns with respect to Chinese investments in India were flagged during the deliberations,” the report quoted an Indian official as saying.

Earlier this month it was reported that BYD had submitted a US$1 billion investment proposal to build electric cars and batteries in India in partnership with a local company.

BYD said it was seeking to capture 40 per cent of India’s electric vehicle (EV) market by 2030, but its investment proposal comes at a time when India is increasing scrutiny of Chinese firms.

Great Wall Motor, which also planned to invest US$1 billion in India, failed in an attempt to buy a mothballed General Motors plant after it did not get government approval to close the deal. The government is also probing MG Motor India, a unit of Chinese carmaker SAIC Motor, over alleged financial irregularities.

India’s Department of Commerce, Department for Promotion of Industry and Internal Trade (DPIIT) had sought opinions from other departments on the BYD proposed venture, the report said.

India’s switch to electric vehicles is lagging behind other countries such as China and the US, hampered by high upfront costs and a lack of charging infrastructure.

India rejects China BYD’s US$1 billion EV proposal, cites security

‘Security concerns with respect to Chinese investments in India were flagged during the deliberations,’ Indian media reported an official as saying.

www.scmp.com

 

[etylo]

Good, hope India denies all Chinese investments in India, it's good for both countries.

 

[surmabhopali]

India rejects China BYD’s US$1 billion EV factory proposal, cites security concerns​

• ‘Security concerns with respect to Chinese investments in India were flagged during the deliberations,’ Indian media reported an official as saying
• Earlier this month BYD submitted the US$1 billion investment proposal to build electric cars and batteries in India in partnership with a local company

Published: 8:31pm, 22 Jul, 2023

Updated: 8:36pm, 22 Jul, 2023

BYD seeks to capture 40 per cent of India’s EV market by 2030, as India increases scrutiny of Chinese firms. Photo: Reuters

India has rejected Chinese automaker BYD’s proposal to set up a US$1 billion factory in India in partnership with Hyderabad-based Megha Engineering and Infrastructure, India’s Economic Times reported on Saturday.

“Security concerns with respect to Chinese investments in India were flagged during the deliberations,” the report quoted an Indian official as saying.

Earlier this month it was reported that BYD had submitted a US$1 billion investment proposal to build electric cars and batteries in India in partnership with a local company.

BYD said it was seeking to capture 40 per cent of India’s electric vehicle (EV) market by 2030, but its investment proposal comes at a time when India is increasing scrutiny of Chinese firms.

Great Wall Motor, which also planned to invest US$1 billion in India, failed in an attempt to buy a mothballed General Motors plant after it did not get government approval to close the deal. The government is also probing MG Motor India, a unit of Chinese carmaker SAIC Motor, over alleged financial irregularities.

India’s Department of Commerce, Department for Promotion of Industry and Internal Trade (DPIIT) had sought opinions from other departments on the BYD proposed venture, the report said.

India’s switch to electric vehicles is lagging behind other countries such as China and the US, hampered by high upfront costs and a lack of charging infrastructure.

India rejects China BYD’s US$1 billion EV proposal, cites security

‘Security concerns with respect to Chinese investments in India were flagged during the deliberations,’ Indian media reported an official as saying.

www.scmp.com

But India should invite alternate EV companies .

 

[kankan326]

But India should invite alternate EV companies .

Will Tesla build factory in India? I doubt that.

 

[Nan Yang]

A blessing in disguise?

 

[Kuru]

Why invest in a country which is occupying the ‘Chinese land’ Arunachal Pradesh! Hain ji?

May be China should invest in brotherly country Pakistan. This will help both the economy as the investment returns in Pakistan are very promising.

 

[surmabhopali]

Will Tesla build factory in India? I doubt that.

Yes we have many shortcomings and drawbacks but let us see may be musk may go for a factory in India ,

Why invest in a country which is occupying the ‘Chinese land’ Arunachal Pradesh! Hain ji?

May be China should invest in brotherly country Pakistan. This will help both the economy as the investment returns in Pakistan are very promising.

There is already a lot of money china has invested in Pakistan I don't think china can take more risk as chance of recovery is not very bright .

 

[Laozi]

May be China should invest in brotherly country Pakistan. This will help both the economy as the investment returns in Pakistan are very promising.

There is already a lot of money china has invested in Pakistan I don't think china can take more risk as chance of recovery is not very bright .

Have you seen any Pakistani demanding Chinese manufacturing plant in Pakistan?

Their ultimate goal is Gazwa-e-Hind. Why should any Pakistani be involved in any such silly production related stuff?

 

[hirobo2]

IMO it's foolish for Chinese companies to chase the Indian market just coz they now have the largest population in the world. It's only transitory. The purpose is to show the world India CANNOT become even half or a quarter of China even when they had the largest population in the world. Then their population will implode.

Everything is transitory nothing lasts forever. China's population is shrinking but it's even possible Indian population will decline even faster in the future.