India blocks BYD investments amid China concerns
India is reportedly restricting investments from China’s biggest automaker, BYD.
“India has to be cautious about its strategic interests [and] who we allow to invest,” Commerce Minister Piyush Goyal told Bloomberg Television’s Haslinda Amin at the India Global Forum in Mumbai on Monday. Goyal added, “As of now, it is a no” to BYD Co., signaling a firm stance against the Chinese EV maker.
Last year, India rejected BYD’s $1 billion joint venture with Megha Engineering. India’s sentiments toward BYD extend to other Chinese automakers as well. The country has a policy requiring government approval for investments from bordering nations. For example, China’s Great Wall Motor Co. abandoned its plans in India due to regulatory hurdles.
Indian officials are reportedly wary of Chinese firms’ murky ownership ties to the Communist regime and military. The Indian government is also concerned about China’s non-market tactics, like subsidies for manufacturers and loan write-offs that lead to indirect support and a distortion in competition.
Meanwhile, Tesla is making progress in India. Tesla recently hosted a hiring event in Mumbai, filling roles from sales to delivery. The US car company finally locked down showrooms in Mumbai and Delhi in the first quarter.
Last month, Tesla started the certification and homologation process for the Model Y and Model 3 in India. Certification is necessary to sell the Tesla Model Y and Model 3 in India. Meanwhile, Homologation tests ensure that new vehicles meet India’s road requirements as per the Central Motor Vehicle rules.
Tesla India reportedly plans to partner with India’s Tata Group to establish a local supply chain for domestic parts production. Tesla and Tata Group are supposedly discussing the development and production of components like castings, forgings, electronics, and fabrication items.
The post India blocks BYD investments amid China concerns appeared first on TESLARATI.
Source: https://www.teslarati.com/india-byd-investments-china-concerns/
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