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.
BYD tells India partner it wants to drop $1 billion EV investment plan
28 July 2023, 6:57 pm 1 minute
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.
Topics of Interest: AutomotiveTechnology
Type: Reuters Best
Sectors: Business & FinanceTechnology
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
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