BYD tells India partner it wants to drop $1 bn EV investment plan: Reports

NEW DELHI (Reuters) – China’s BYD 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, two people with knowledge of the discussions said.

BYD and its partner, privately held Megha Engineering and Infrastructures submitted a proposal to the Indian government in April to jointly build electric cars in India, Reuters reported earlier this month.

But in the initial review, officials from three Indian ministries, including finance and external affairs, raised what two Indian officials described as security concerns about investment from the Chinese company and signalled opposition.