China's BYD has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters
plans to enter the market last year when it failed to secure lower tax duties on imported vehicles in talks with officials.
BYD has already invested $200 million in India where it sells the Atto 3 electric SUV and the e6 EV to corporate fleets, andMembers of the press and the general public check out the Atto 3 electric SUV made by Chinese carmaker BYD, at the Fully Charged Live electric vehicle trade show in Farnborough, Britain, April 28, 2023.
The investment proposal also includes a plan by BYD and Megha Engineering to set up charging stations in India and build research and development and training centres, the sources said. The joint proposal comes amid stricter investment rules. Since 2020, India has tightened scrutiny of investments from neighbouring countries, including China.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bearish bets on Asian currencies firm as weak China growth weighs: Reuters pollBearish tones persisted for most Asian currencies as a bleak post-pandemic recovery in China weighed on risk sentiment, a Reuters poll showed on Thursday, but softer U.S. inflation data could prompt a scale-back on short bets, analysts said.
Read more »
China's exports fall most in three years as global economy falters By Reuters*CHINA'S EXPORTS FALL MOST IN THREE YEARS AS JUNE TRADE DATA BADLY MISSES EXPECTATIONS 🇨🇳🇨🇳
Read more »
China's cbank seen keeping medium-term policy rate unchanged at monthly rollover: Reuters pollChina's central bank is expected to keep borrowing costs unchanged while ramping up liquidity support when it rolls over 100 billion yuan ($14.03 billion) worth of medium-term policy loans on Monday, a Reuters survey of market watchers showed.
Read more »
Apple is stuck with China as India's chipmaking ambitions fall shortInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
U.S. Tries to Build Ties in China’s BackyardTreasury Secretary Janet Yellen is visiting two of China’s neighbors where she has pushed firms to move their operations—just a week after she reassured officials in Beijing that the U.S. wasn’t out to sever trade and investment ties
Read more »
India to Buy French Rafale Jet Fighters, SubmarinesIndia is expanding its naval fleet as relations with neighboring China have grown increasingly fraught. Its deal for French jet fighters and submarines also signals New Delhi gravitating further toward the West.
Read more »