India has rejected a proposal by BYD for the construction of a US$1 billion (RM4.56 billion) factory in the country in partnership with Megha Engineering and Infrastructure, The Economic Times reported according to the South China Morning Post.
“Security concerns with respect to Chinese investments in India were flagged during the deliberations,” the report quoted an Indian official as saying. BYD was reported earlier this month as having submitted a US1 billion (RM4.56 billion) investment proposal for the manufacture of electric cars and EV batteries in India.
The Chinese automaker said it was seeking to capture 40% of India’s EV market by 2030, however its investment proposal arrived at a time of increased scrutiny by India of Chinese companies, the South China Morning Post wrote.
Another Chinese manufacturer, GWM had also planned to invest US$1 billion (RM4.56 billion) in India, but also failed to buy a former General Motors production plant as it did not receive approval from the Indian government to close the deal, SCMP reported, adding that the Indian government is also investigating MG Motor India, a unit of SAIC Motor, for financial irregularities.
The country’s department of commerce, the department for promotion of industry and internal trade (DPIIT) had sought the opinions of other department on the proposed venture by BYD, the report by The Economic Times added.
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So what? Gonna cry?
Rotten head
W Buffett lowered stakes in BYD.
There U go the story. Game-over!
Mai come to Mesia. After all PH have said Mesia dah jual to China rite?
M’sia needs China more, much more than China needs M’sia la
China needs Mesia as transit for sales to USA, no Mesia no USA sales.
India has been influenced and pressured by US to stop China’s investment. China should just sanction India and India will definitely cry “Ah yoyo Ah mama”.
India, the next economic giant? Doubt it with so many unexpected barriers like this.
Ahead of the curve
Tata Group says no.
So what? Gonna cry, china?
No point setting up JV in India.The media there very racist ..the Wion n Firstpost…keep on saying WUHAN virus,even after 3 years,the virus is no longer a threat.Very unfriendly business environment..even Foxconn is pulling out.
BYD dodged a bullet here… whew. Investment there will always end up in tears… just see how many conglomerate got burn over the years.
Just shift the investment to ASEAN – we are more than welcome if its a win-win deal.
Well done
come invest in msia
Baik punya. Ada bola Dia orang bukan macam DAPiss puppet buku merah
Dream on India, you ll always remain as a developing country . You are too emotional about every issue. Pride and ego will harm the prosperity of india
@GH. India is not a developing country bro. They are still in the 3rd world country status. They are ranked quite low in the 3rd world category even
India understands…
Chase all the foreign investors so that India can be self reliance and their people eat their own rice.
Current India government under Modi is doing all they can to please their new master the American. Businesses should remember to operate in more stable and less confrontational environment, not now in India.
Haha… aspected already, Maxis bos wentr to India to do business also kena burn kau kau. Come to Malaysia and set up your blade battery here. We got plenty of palm oil kernel, which can be use to make graphene…. can be use in battery to enhance performance.
India don’t want BYD. They want Tesla
I don’t think may people in india can afford Tesla. Plus after seeing India’s decision with BYD, I heard Elon is withdrawing its plan to build a gigafactory in India. Too risky. I believe Elon will go to Indonesia or some south east asia country. Malaysia ada hope?
https://www.reuters.com/business/autos-transportation/tesla-talks-with-india-set-up-factory-with-up-500000-annual-capacity-report-2023-07-13/
Maybe to protect Tata.
Smart move maybe car senting all infermation back so I think protect own self better not like here anybody can Ali Baba open kedai
India too many red tapes, Different states different laws. Bad work culture n etc. Dont just read what is written here, check out yourself many big conglomerstes got burnt badly..
Its to fun to read these comments. India will not allow Chinese investments after the border skirmish. But when Chinese ships enter Malaysian EEZ, they won’t do a squat.
The latest update is Tesla’s next gen vehicle which will cost about US$24k will be made in India exclusively for all RHD market.
India has many more companies manufacturing and selling automobiles and is the third largest market after China and the US.
In a decade or so India will be the third largest economy after China and the US.