Page 96 - Byd News Today

Government has reportedly rejected BYDs plan to invest $1bn in India to produce EVs. - Overdrive

Russian car production triples in June, reaching 42,000 units; Chinese carmakers capitalize on Western automakers exit, gaining market share.

Western carmakers are fretting about an "invasion" of cheap Chinese electric cars in Europe, prompting France's Renault to say on Thursday it is aiming to slash production costs for its electric models by 40%.

Following Tesla’s launch in Malaysia, Indonesia is in the process of attracting investments from manufacturers of electronic vehicles such as Tesla and Build Your Dreams (BYD) through a set of new incentives, according to The Jakarta Post.

The German auto maker is investing $700 million in the Chinese EV start-up. The companies will develop two electric vehicles together.

India has tightened scrutiny of Chinese investments and businesses in the country after a deadly border clash between the two countries in eastern Ladakh in 2020.

Why did the government reject BYDs application? Reports suggest that security issues were flagged. Since 2020, when there were border clashes between Indian and Chinese troops in Ladakh, India scrutinises every Chinese investment proposal in detail before clearing it for security. However, it is difficult to understand how a car and battery company will threaten security.

A couple of days after India blocked Chinese automaker BYD's $1 billion bid to set up an electric vehicle (EV) factory in the country, Beijing's top diplomat has urged New Delhi to rethink the decision, adding that the two countries were not 'threats' to each other.  

BYD extended its lead over Volkswagen as China’s top-selling carmaker, with its wide range of electric vehicles proving hugely popular among local buyers.

Tesla: Speaking at a nickel industry conference hosted by CNBC Indonesia, Coordinating Minister of Maritime Affairs and Natural Resources Luhut Pandjaitan said the incentives will be benchmarked against those offered by regional rivals Thailand and Vietnam, but did not provide details.