BYD Cars: According to the news of Times of India, a week ago it was announced that BYD (Build Your Dreams), one of the world’s largest electric car manufacturing companies, along with Hyderabad-based Megha Engineering and Infrastructure Limited, has placed an investment proposal of $ 1 billion in front of India to set up an EV and battery manufacturing unit. But according to the information, the Government of India has rejected this proposal.
Both the companies had proposed to set up an electric vehicle manufacturing unit in Hyderabad in their applications to the Department for Promotion of Industry and Internal Trade.
DPIIT had also sought opinion from many other departments on this proposal. In this discussion, the security concerns of China’s investment in India were also taken care of, as well as such investment cannot be approved according to the existing rules.
According to their proposal given to DPIIT, the manufacturer companies were claiming to manufacture 10,000-15,000 electric cars every year. Megha was investing in this venture, while BYD was providing technology and know-how.
This step has been taken amid the ongoing tension between India and China. Another Chinese four wheeler manufacturer Great Wall Motor also tried to enter the Indian market with an investment proposal of $1 billion. Apart from this, GMW also failed to get approval from the government after waiting for almost two and a half years and had to postpone its investment plan in India in July last year.
BYD currently sells two electric cars Atto 3 and e6 in the Indian market. Apart from this, by the end of this year, the company is preparing to launch its Sealed EV in India. The BYD Seal electric car was showcased at the Auto Expo in January. It could be entered through the SKD (semi-knocked down kit) route, just like the Atto 3 and e6.