India rejects China BYD’s US$1 billion EV factory proposal, cites security concerns
BYD said it couldn't enter US EV market citing Tax Credit as the obstacles. This article revealed that the reason BYD couldn't expand outside China may be due to transparency issue and strong support from China Government. Tesla on the other hand has built Gigafactory in US, China and Germany. It is building one in Mexico and plan to invest one in India.
Quote:
India has rejected Chinese automaker BYD’s proposal to set up a US$1 billion factory in India in partnership with Hyderabad-based Megha Engineering and Infrastructure, India’s Economic Times reported on Saturday.
“Security concerns with respect to Chinese investments in India were flagged during the deliberations,” the report quoted an Indian official as saying.
Great Wall Motor, which also planned to invest US$1 billion in India, failed in an attempt to buy a mothballed General Motors plant after it did not get government approval to close the deal. The government is also probing MG Motor India, a unit of Chinese carmaker SAIC Motor, over alleged financial irregularities.
“Security concerns with respect to Chinese investments in India were flagged during the deliberations,” the report quoted an Indian official as saying.
Great Wall Motor, which also planned to invest US$1 billion in India, failed in an attempt to buy a mothballed General Motors plant after it did not get government approval to close the deal. The government is also probing MG Motor India, a unit of Chinese carmaker SAIC Motor, over alleged financial irregularities.
Source:
$BYD COMPANY (01211.HK)$ $BYD Co. (BYDDF.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Tesla (TSLA.US)$ $VOLKSWAGEN A G (VWAGY.US)$ $NIO Inc (NIO.US)$ $Li Auto (LI.US)$ $XPeng (XPEV.US)$ $General Motors (GM.US)$ $Ford Motor (F.US)$ $Rivian Automotive (RIVN.US)$ $MERCEDES-BENZ GROUP AG (MBGAF.US)$ $TOYOTA MOTOR CORP (TOYOF.US)$ $GEELY AUTO (00175.HK)$ $Lucid Group (LCID.US)$
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I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
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ZnWC OP : BYD may be the largest EV producer in the world but it's deliverey is 98% in China. The company has announced expansion outside China since 2021 with little success.
Mr Bogus : No one trust indian already still bullshit Indian reject investor. Crab.
ZnWC OP Mr Bogus : India is the fifth largest economy in the world. India's GDP stood at $3,737 billion in current price terms. India's GDP at current prices ranks above the UK ($3,159 billion), France ($2,924 billion) and Canada ($2,089 billion). Top countries investing in India include Singapore, US, UAE, Netherlands and Japan.
Mr Bogus : Paper fact and the real world is different. Is USA and creator of war or protector liberty? He trying to act like a hero. India trust around the world is dropping fast. Only those who know will know.
ZnWC OP Mr Bogus : If can't provide data to justify your real world claim, what you are saying is just FUD. Reliable data and accurate info are important for investment.
Mr Bogus : Ur chart is a very good one. Singapore the smallest country invest the most in india.
Ring a bell? The famous chicken rice stall. Only 10 person from ur neighbourhood come and eat. Only a few person from other part of the town comes to eat. Very nice and famous indeed. No offence. I should shut and hv lunch now.
ZnWC OP Mr Bogus : Disgress from your FUD remark (no offence I've to conclude) will only reveal how little you know about India economy. You ignore that US (3rd largest investing country) invested USD 6,044 million in India which is a strong evidence of trust. Please do your homework before quoting my data.
Mr Bogus : Elon Musk Confirms Tesla Will Come To India Soon, Plans To Visit Next Year
Mr Bogus : Check out this video. The fact vs reality. How he laugh is the answer.
ZnWC OP Mr Bogus : I read article about Tesla has interest to build a Gigafactory in India but is not confirmed. The video doesn't prove anything about your perception why India economy cannot be 'trusted'. You are still disgressing and cannot explain why so many countries invested in India.
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