This manufacturer gets a major setback in the country!

The Indian car market is growing at a rapid pace. Currently, it is the third-largest market for cars in the world. So a lot of manufacturers are trying to capitalise on this growth. One such manufacturer is BYD, which is looking to set up its factory in the country. Last week, it reportedly sent a fresh investment plea. However, the Government of India is not too keen on this development. In today’s article, let’s talk about BYD India 2023. 

Government’s stand

Last week we reported that BYD is looking to invest $1 billion in India. However, the government of India is not too keen on this proposal. The Home & External Affairs ministries are concerned over the entry of Chinese companies in the wake of the ongoing border tensions. The Government is concerned that state-controlled Chinese companies are using Indian companies just to enter the market and use them as dummy entities. 

BYD India 2023 plan

BYD has sent a proposal to invest $1 billion in India. Through this investment, it wants to build electric vehicles and batteries. Due to its Chinese connections, BYD is partnering with Hyderabad-based Megha Engineering and Infrastructures. This setback is not for BYD but for other Chinese manufacturers. Due to similar reasons, Great Wall Motors had to abandon its Indian expansion plans. MG is also facing similar issues and is looking to get Indian partners on board with a majority stake. 

BYD India lineup

Though the factory plan is on halt, BYD will continue to sell the Atto-3 and e6 in the country. These cars come through the CKD route in India, as BYD doesn’t have any manufacturing plant in India. BYD also supplies batteries to several manufacturers and partners with companies like Oelectra.

Source – https://timesofindia.indiatimes.com

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