‘No for BYD’: India Rejects Chinese EV Maker’s Investment Plans

In a recent event at the India Global Forum, Union Commerce Minister announced that India will not welcome Chinese (EV) manufacturer at this time. Goyal emphasized the necessity for the Indian government to ensure that foreign investors adhere to the country’s regulations, expressing concerns over “third country dumping” and various unfair practices observed in the market.

The minister stated, “We need to be cautious about whom we allow to invest, keeping in mind the country’s strategic and security interests.” Goyal’s comments come amid an increased scrutiny of foreign investments, particularly from .

Despite reports suggesting that BYD was planning to invest around $10 billion to establish a manufacturing facility in Hyderabad, the company has officially denied these claims, labelling them “untrue.” BYD clarified that no formal agreement or investment decision has been made to set up a production site in India.

Although BYD has been operating in India for several years, it still lacks a domestic manufacturing unit, resulting in high import duties on its EVs from China. This has hindered its competitiveness in the rapidly growing Indian EV market. Establishing local production could significantly reduce costs and enhance sales for BYD, enabling it to better compete with other players.

(Source: Bloomberg)

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