A person familiar with the matter revealed that BYD has informed India's joint venture partner that he hopes to cancel the two companies' US $ 1 billion (about 1.331 billion yuan) electric vehicle joint venture construction plans.
According to Reuters on Friday (July 28), BYD and Indian joint venture partners Mecca Engineering and Infrastructure (Megha Engineering and Infrastructures) submitted a joint venture to the Indian government in India in April this year in India.Proposal to produce electric vehicles.
But in the preliminary review, officials from the three Indian ministries, including the Ministry of Finance and the Ministry of Foreign Affairs, put forward security concerns about the plans of investment submitted by the two companies and expressed their opposition.
Two people familiar with the matter revealed that BYD executives told Maga last week that BYD hopes to withdraw from the investment.However, Micham's calling on BYD to wait until the Indian government's review is more clear, and then decided to abandon the production plan of electric vehicles.
It is unclear whether BYD will consider returning to this plan.As of Thursday, BYD has not officially withdrawn investment proposal.
When a series of border conflicts occurred in China and India, China and India also rubbed in the investment field.India has conducted stricter reviews of investment from China since 2020.People familiar with the matter said that in this case, BYD understands that the joint venture proposal will be affected by politics.
People familiar with the matter said that BYD has continued to work hard to dispel the Indian government's concerns in the past few months, including BYD electric vehicles produced in India, which will provide Indian language appliance activation orders, and these cars have collected them.All the data will be stored in India.
