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China's BYD has told its India joint-venture partner it would shelve plans for a new $1-billion investment to build electric cars after its investment proposal faced scrutiny from New Delhi, two...
BYD investment in India: This development comes as officials of three ministries including finance and external affairs raised scrutiny concerns about Chinese investment in the initial review.
China's BYD has decided to halt its USD 1 billion investment in building electric cars in India after facing scrutiny from New Delhi due to security concerns about Chinese investment. BYD's proposal with partner Megha Engineering awaits government review. India's EV market is growing with a target of 30% electric car sales by 2030.
BYD and its partner, privately held Megha Engineering and Infrastructures submitted a proposal to the Indian government in April to jointly build electric cars in India, Reuters reported earlier this month.
China's BYD (002594.SZ) has told its India joint-venture partner it would shelve plans for a new $1-billion investment to build electric cars after its…