BYD proposes $1-B investment plan to build EVs, batteries in India- sources

📆 7/14/2023 6:57 PM
📰 inquirerdotnet

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China’s BYD Co has submitted a $1-billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters.

India’s commerce and heavy industries ministries did not immediately reply to a request for comment.

Tesla has recently restarted talks with India’s government after putting on hold plans to enter the market last year when it failed to secure lower tax duties on imported vehicles in talks with officials. The investment proposal also includes a plan by BYD and Megha Engineering to set up charging stations in India and build research and development and training centres, the sources said.The joint proposal comes amid stricter investment rules. Since 2020, India has tightened scrutiny of investments from neighbouring countries, including China.

Shenzhen-based BYD entered the Indian market in 2007 producing batteries and components for mobile phone makers.

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