BYD tells India partner it wants to drop $1 billion EV investment plan



Reuters exclusively reported that China’s BYD (002594.SZ) has told its India joint-venture partner it would shelve plans for a new $1-billion investment to build electric cars after its investment proposal faced scrutiny from New Delhi. 

Market Impact

India’s EV market is small but growing with domestic automaker Tata Motors (TAMO.NS) dominating sales. Electric models made up less than 2% of total car sales in 2022, but the government wants to grow this to 30% by 2030. 

Article Tags

Topics of Interest: AutomotiveTechnology

Type: Reuters Best

Sectors: Business & FinanceTechnology

Regions: Asia

Countries: ChinaIndia

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Important Regional Story

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