The government has turned down BYD Motors' $1 billion offer. BYD Motors electric vehicle maker wants to set up its EV manufacturing plant in India.
BYD Motors and Hyderabad-based Megha Engineering Infrastructure Limited (MEIL) is in talks to set up a plant to manufacture EVs, for which BYD Motors had submitted a proposal to the Department for Promotion of Industry and Internal Trade (DPIIT).
DPIIT sought inputs from various departments regarding this project. During the discussion, many questions were raised regarding the safety of BYD Motors. An officer said that the current rules of the country do not allow us to make such investments.
Currently, BYD Motors sells electric sedan e6, SUV Auto 3 in the Indian market. BYD Motors may soon launch a new electric car in India. EV vehicle maker company BYD Motors is the world's largest EV saler in sales.
BYD was established in February 1995. After more than 20 years of rapid expansion, BYD has built more than 30 industrial parks on six continents and made significant contributions to the rail transportation, electronics, automotive and new energy sectors.
BYD provides comprehensive new energy solutions with zero emissions, with an emphasis on energy collection, storage, and application.
Its total market value and turnover were both expected to cross USD 38.4 billion from January to September 2022.
Hyderabad-based Megha Engineering & Infrastructure currently manufactures road, power, and bridge plants.
BYD and Megha Engineering also wanted to set up charging stations, research, development, and training centers in India.